According to Onchain Lens, a whale deposited USD 6.69 million into Hyperliquid, opened a 3x leveraged ETH short position, and bought 889.3 ETH in spot for USD 3.9 million at 4,385 USD, source: Onchain Lens on X, Aug 25, 2025. According to Onchain Lens, this establishes a clear reference level at 4,385 USD for the whale’s spot entries while simultaneously holding leveraged short exposure on ETH perps, which traders can monitor for positioning shifts, source: Onchain Lens on X, Aug 25, 2025. According to Onchain Lens, the wallet may add more collateral to increase the short and continue spot purchases, which is their stated outlook, source: Onchain Lens on X, Aug 25, 2025.