According to Lookonchain, wallet 0x5D2F is down over 8.6 million dollars on short positions in BTC and ETH as the market rebounded, source: Lookonchain on X, Sep 12, 2025. Lookonchain reports the whale deposited 8 million USDC to increase margin to avoid liquidation, source: Lookonchain on X; on-chain reference via Hypurrscan address 0x5D2F4460Ac3514AdA79f5D9838916E508Ab39Bb7 at hypurrscan.io/address/0x5D2F4460Ac3514AdA79f5D9838916E508Ab39Bb7. Current short exposure is 2,041 BTC approximately 236 million dollars notional and 500 ETH approximately 2.25 million dollars notional, source: Lookonchain on X.

According to @lookonchain, BTC broke above 122,000 USD as whale address 0x5D2F deposited 6 million USDC into Hyperliquid to avoid liquidation; the address holds a 1,266.84 BTC position (~154 million USD) with a stated liquidation price of 127,780 USD and an unrealized loss of 12.5 million USD (source: @lookonchain on X; Hypurrscan address data). The 127,780 USD level marks the liquidation threshold for this large position on Hyperliquid and is the key risk level cited for address 0x5D2F (source: @lookonchain on X; Hypurrscan).