I came across an interesting on-chain data point — Address 0x540…3F802 has recently been making big moves on Hyperliquid. This player has essentially become the largest short position on $LIT, demonstrating what it means to "dare to short" with real actions.

The timeline narrows down to the past 2 hours, during which this trader deposited 4.35 million USDC as margin into their account and opened a 1x short position of 1,110,677 LIT. The average opening price was set at $2.74, indicating they came prepared.

However, this trade isn't doing too well right now — unrealized losses have accumulated to $25,000. For a position of this size, if the market moves against it, the psychological test is quite intense. Interestingly, such whale behavior often reflects market participants' short-term outlook on an asset and provides other traders with a reference perspective.