ETH showed zero 24-hour movement, yet a 25x short position worth $33.5 million was liquidated three times in succession. A wallet created 12 hours ago opened a 25x cross-margin short position of 13,826 ETH on Hyperliquid @HyperliquidX at an average entry price of $2,365.86, representing a notional value of approximately $33.5 million at current prices. Over the past five hours, the position was forcibly reduced in three batches by the liquidation engine, totaling 6,747 ETH bought back, resulting in a realized loss of approximately $357,000. The liquidation mark prices rose progressively: $2,408.40, $2,418.90, and $2,431.07. Cross-margin liquidations occur via sequential market orders—each time the margin ratio falls below the maintenance level, a portion of the position is liquidated. Each liquidation of the short position manifests as a market buy order; the cumulative 6,747 ETH bought back re-entered the market, while each incremental rise in the mark price pushed the next segment of the position into the liquidation zone. The address currently still holds 7,078.89 ETH in short exposure, worth approximately $17.13 million, with an unrealized loss of $386,000. The account equity now stands at approximately $496,000, with a liquidation price of $2,441.63. ETH is currently trading at around $2,421—just $20, or less than 1%, away from liquidation.