Recently, there has been an interesting phenomenon on the blockchain. A well-known whale's activities on Hyperliquid have attracted a lot of attention — he has shorted nearly 4,600 ETH, with a position size exceeding $13 million.

It's interesting because his trading logic is somewhat unconventional. On the night of Japan's interest rate hike, when the market was highly volatile, he decisively reduced his ETH holdings by 700 to lower risk exposure, then quietly added back 200 during the rebound. Between these moves, he kept the liquidation line tightly around $2,783, and his account's unrealized profit has now reached over $200,000.

What’s even more noteworthy is his mindset description. Recently, this whale posted on social media: "Even if I get liquidated, I remain completely unshaken; I need to constantly test the market with my positions." This statement sounds extreme, but it reflects an investment philosophy of "testing the bottom with real money." Over the past few months, he has indeed experienced losses in the tens of millions, but from his current operations, it seems he has come to see liquidation itself as a market feedback mechanism.

Interestingly, his layout extends far beyond ETH. He also has a 40x leveraged long position on BTC waiting in the wings, and even small positions in recently popular concept tokens. This all-encompassing high-leverage setup is indeed a way of using extreme operations to test the market's capacity.

From the data perspective, his current liquidation distance and unrealized profit margins are within controllable ranges, but is this risk-reward ratio a precisely calculated rational choice, or the last frenzy before the next liquidation? The market's answer often comes faster than expected.