Bull trap or stop-loss exit? A whale/institution that previously made a $96.67 million profit from ETH swing trading just closed their position. An hour ago, this big player liquidated 3846 BTC long positions (worth $350 million), ending with a $4 million loss.

The entire operation chain is as follows — yesterday, they transferred 35.5 million USDC into Hyperliquid in one go, then started increasing their BTC long positions. By 2 a.m. today, the position had grown to 3846 BTC, corresponding to a $350 million exposure. The market didn’t move in the direction they wanted, and the strict stop-loss discipline was executed decisively, but they still incurred a loss. Large transactions like this often serve as market reference signals — the stop-loss points of big players can sometimes become the risk points for retail investors.