Coordinated. Or at least, not random. Two fresh wallets show up, wire in a combined $6.8M in $USDC into Hyperliquid… and without wasting time, both slam into 20x shorts on $ETH . Together, they’re shorting 17,032 ETH, roughly $35.6M. That’s not a test… that’s a statement.

Now looking under the hood, the first wallet (0x4f19…) is running a ~$15M short position ... about 7,144 ETH. Entry came in around $2,098, with the mark price slightly higher near $2,100… so yeah, already a bit loss. Sitting on roughly -$13K (-1.74%). Liquidation is far above at $2,319, backed by about $750K margin. Funding cost is small, around -$547… nothing major, but still a drag.
The second one (0x3450…) is where things get a bit more tense. That wallet is holding the bigger piece -- around $20.76M short, 9,886 ETH. Entry at $2,021, but price has moved up to about $2,099… and that’s already pushing the unrealized loss to nearly -$776K (-74.8%). Yep of course… that escalated fast. Liquidation sits at $2,466, with about $1.03M margin holding it together. Funding here is actually positive (+$1.13K), but that’s barely noticeable compared to the drawdown.
here are those two addresses👇
0x3450381fd5cb73fe1537a1a18a00ee60b012b518
0x4f19154a8cf68292c66e2fb4e3d19f99795aa2cf