On-chain tracking has discovered a tough character — a certain new Wallet directly dumped 7 million USDC into Hyperliquid, and then did something crazy: opened a Short position on Bitcoin and Ripple with 20x leverage at the same time. Now, what is the notional value of this pile of positions? It has already surpassed 100 million USD.

The timing is quite decisive. Bitcoin has just dropped below the $100,000 mark and is trying to climb back to $103,000, while Ripple is soaring after the news that Ripple is conducting a stablecoin settlement pilot with Mastercard and Gemini, having just broken through the $2.30 resistance level. At this moment, entering to short is either a hedge for large holders or someone who is dead set on betting that there will be a short-term correction.

However, the interesting part of this matter comes later—$100 million in short positions is no joke. If BTC or XRP continues to surge, this guy's position will face liquidation. And once the shorts are liquidated on a large scale, it will actually fuel the price further. Market games are always so exciting.