According to on-chain analyst Ai Yi, a certain address (0 x 8 c 5...b 9 c 9) shorted ETH on Hyperliquid with 20x leverage, currently suffering a $4.49 million loss. Four hours ago, this address deposited 3.2 million USDC as margin with Hyperliquid and subsequently increased its ETH short position to 8,000 (worth approximately $32.86 million). The average entry price was $3,547.73, and the liquidation price was $4,522. This address has earned $1.69 million in funding fees.