An Ethereum whale identified by wallet address 0x8c58 has deposited 3.58 million USDC into its Hyperliquid account to prevent liquidation of a distressed short position on Ethereum.
The whale initially opened the short position via derivatives platform Hyperliquid six days ago. Since inception, the trade has accumulated an unrealized loss exceeding $10.7 million as Ethereum’s market price moved against the position.
This substantial collateral injection successfully adjusted the position’s liquidation threshold to $4,006.20. The emergency deposit serves as a protective measure to absorb further unfavorable price movements and avoid forced closure of the short trade.