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On-chain data monitoring has revealed that a major holder currently has a 10x leveraged short position in BTC and ETH. The situation of this position is not optimistic—unrealized losses have already exceeded $6.37 million. To prevent liquidation risk, the address recently deposited 4.8 million USDC into Hyperliquid, clearly preparing for potential margin calls. The movement of this large sum of funds fully reflects the current market volatility and also serves as a reminder to traders: in leveraged trading, risks always come faster than you imagine.