According to Lookonchain, wallet 0x519c deposited $8.8 million USDC to Hyperliquid after being inactive for a month, then opened a 10x leveraged short on HYPE. The newer report says the position was 300,000 HYPE valued at $13.2 million, entered at $43.398, and already showing an unrealized loss of $187,000. The older report said the same wallet shorted 175,082 HYPE worth about $7.62 million after depositing $8.8 million USDC, and was still increasing the short. Both reports indicate the trade was bearish and used substantial margin on Hyperliquid.