A large crypto holder deposited 3.117 million USDC, a U.S. dollar-pegged stablecoin, to HyperLiquid and opened a short position against Ethereum in the $2,530 to $2,670 range. Onchain Lens said the wallet had been inactive for six months before becoming active again. The move indicates a bearish trading stance on Ethereum, with the trader positioned to benefit if the asset’s price falls.