According to @OnchainLens, wallet 0x8c5 deposited $4 million in USDC into HyperLiquid to raise the liquidation price on its ETH short position using 20x leverage, with the position showing a $14 million unrealized loss and $26 million total drawdown. Onchain Lens and the HyperDash trader page for address 0x8c5865689EABe45645fa034e53d0c9995DCcb9c9 corroborate the tracked account and open short exposure. Based on the 20x leverage reported by @OnchainLens, added margin reduces immediate liquidation risk but keeps a large high-leverage ETH short active, so monitoring this address and HyperLiquid liquidation levels remains relevant for near-term ETH perps flows, per @OnchainLens and HyperDash.