Crypto Whale Defies Losses: Injecting $8.6M USDC into Hyperliquid to Revive ETH Short

A major crypto whale, identified by wallet address 0x8c58, has strategically injected USDC into the decentralized exchange Hyperliquid in a bid to stave off liquidation. This move came as they have continued adding funds to an existing short position on Ethereum ($ETH), which was entered around $2,969 and is currently in deep red. The whale’s strategy aims to avoid a forced closure of this losing trade, despite the substantial risk involved. 7-day rolling losses now stand at $20 million.