According to @EmberCN, the tracked whale sold 6,037 ETH at 4,221 USD on Sep 22 after buying at 2,299 USD in June, realizing about 11.6 million USD profit, source: @EmberCN. After selling, the market kept rising and the trader opened roughly 137 million USD in shorts on Hyperliquid with about 4 million USD unrealized loss, source: @EmberCN and hyperbot.network/trader/0x8deCc13b6E83873a78126E99036F9442019FD0b5. Position details show a 40x short of 800 BTC at 120,892 entry with 129,848 liquidation and a 20x short of 8,000 ETH at 4,502 entry with 5,109 liquidation, source: @EmberCN and hyperbot.network/trader/0x8deCc13b6E83873a78126E99036F9442019FD0b5.

According to Lookonchain, whales shorting XPL on Hyperliquid deposited large amounts of USDC to avoid liquidation amid alleged manipulation, posted on Aug 27, 2025 (Lookonchain). According to Lookonchain, address 0x142a deposited 44M USDC and address 0x0Aa9 deposited 29M USDC, totaling 73M USDC in added margin (Lookonchain). According to Lookonchain, this activity signals sizable short exposure in XPL on Hyperliquid and active liquidation risk management by large traders (Lookonchain).