A substantial cryptocurrency investor has launched a large short position against both Ethereum (ETH) and Bitcoin (BTC) through the decentralized exchange Hyperliquid. The trader, holding over $768 million in assets, is betting on declining prices for these two major cryptocurrencies while leveraging their volatility for high returns. 76,242 ETH and 3,600 BTC were used to execute these positions at an estimated total value of $330 million and $438 million respectively. The use of high leverage, with entry prices near their current market price, has resulted in a $2.68 million unrealized profit on the ETH short, despite currently experiencing an unrealized loss of $3.67 million on the Bitcoin position.