$ETH whales net short $346.9M on Hyperliquid. 5 wallets short, 1 long. 0xb83d is carrying $109.5M short at $1860 with 5x leverage, already down $3.1M. 0x0dd9 is $85M short at $1700, underwater $9.1M on just 3x. This is not hedging. This is conviction positioning that's bleeding daily funding while spot grinds higher. The unwind trigger is $1920.
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