Fresh Address Deposited 2.5M USDC to HyperLiquid, Betting Against HYPE with Heavy Leverage

A brand new wallet just made a significant move in the derivatives market: it transferred 2.5 million USDC to HyperLiquid and immediately established a 10x leveraged short position on HYPE. According to Onchain Lens tracking data, this newly minted address isn’t stopping there—additional pending orders suggest the position may soon expand further.

This development is worth paying attention to. The timing is notable given HYPE’s current market performance. Trading at $24.16 with a 24-hour decline of 1.30%, the token has a circulating market cap of $5.76B and daily volume sitting around $5.65M. For a fresh wallet to deposit such a substantial amount and immediately go short with 10x leverage suggests the account holder has a strong conviction in a near-term price decline.

Large leveraged shorts like this often serve as a price discovery mechanism in volatile markets. Whether this represents genuine bearish sentiment or a more complex trading strategy remains unclear. What’s evident is that someone with serious capital just took a directional bet against HYPE in the short-term horizon. Market participants will likely be monitoring whether this position gets liquidated quickly or continues to expand as suggested by the pending orders.