According to Lookonchain, on-chain address 0xd8ef deposited 3.25M USDC to Hyperliquid and opened a 25x leveraged short on ETH sized at 3,000 ETH (~$12.98M) (source: @lookonchain). According to Lookonchain, the short’s reported liquidation price is $5,291.9, defining the forced-closure threshold for this position (source: @lookonchain). According to Lookonchain, these parameters indicate a large, high-leverage bearish position that traders can monitor, with the $5,292 level serving as the key risk marker for potential liquidation (source: @lookonchain).