According to Lookonchain, a major crypto whale deposited $17 million USDC into Hyperliquid and initiated 3x leveraged short positions on ETH, SOL, and BTC. The aggressive strategy has resulted in a realized loss exceeding $1.2 million as crypto prices moved against the positions. This high-profile loss highlights increased volatility and the risk of leveraged trading on decentralized perpetuals, signaling potential short squeeze risk and increased buying pressure for ETH, SOL, and BTC in the current market environment (source: x.com/lookonchain/status/1921243645321068595, hypurrscan.io/address/0xB83D...).