PANews reported on July 12 that according to monitoring by on-chain analyst Yu Jin, an "insider whale" used $16.28 million in funds to short BTC and ETH in half a month. All positions were liquidated yesterday, resulting in a loss of $16.27 million. He just redeemed 10 million USDC from Maker and transferred it to Hyperliquid to continue shorting.

Currently, short orders worth $232 million have been opened:

40x short 1,273 BTC, worth $150 million, opening price $117,828, liquidation price $122,789;

25x short 27,700 ETH, worth $82.42 million, opening price $2,966, liquidation price $3,196.