#数字资产市场动态 A major on-chain operation just broke out: a whale account injected 4.35 million USDT into HyperLiquid, shorted LIT with 1x leverage, with an average entry price of $2.74, currently with an unrealized loss of $200,000. At first glance, it looks a bit uncomfortable, but this is just the surface.

The true intention of this whale is fully revealed on the Lighter platform — simultaneously opening short positions on coins like XMR, ASTER, etc., with leverage multiples increased to 3-10x. The unrealized profit has already surpassed $1.6 million. With one increase and one decrease, the overall account is in a highly profitable state.

The logic behind this operation is very clear: the whale is making a systematic market correction expectation, especially targeting small and mid-cap projects. The small loss on LIT is purely a hedging cost, with real gains coming from short positions in other coins. On-chain data shows that big players are betting on market divergence — large coins remain stable, small coins are volatile — this signal is worth paying attention to.

Looking at the whale movements over the past few months, such precise layouts are becoming more common. As year-end approaches, the capital situation is quietly changing. Monitoring every move of on-chain big players is crucial for our short-term judgment. Downside risks are indeed accumulating, especially for those follow-the-leader projects, where volatility could increase. $ETH