Recently, I observed an interesting trading activity on Hyperliquid. An address starting with 0x310 deposited 903 ETH worth of spot ETH in just a few days, then immediately sold it all and converted it into approximately $2.1 million USDC. Afterwards, it used part of these funds to open an ETH short position, building a short position of about $3.24 million with 6x leverage. It seems the average entry price was around $2,352.

Large movements like this by big players often serve as market signals. Since ETH's current price is around $2,330, this address is likely shorting near the current level. With still $1.62 million USDC remaining, there’s also a possibility of opening additional positions.

It's rare for a new address to make such a large move, so it’s attracting attention among market participants. Monitoring how the ETH shorts activity develops could be worthwhile.