A newly created wallet deposited $3 million in USDC into HyperLiquid and built a 20x leveraged ETH long position that was reported at 36,826 ETH worth about $61.13 million in one update and 36,097 ETH worth about $58.49 million in a later one. According to Lookonchain, analyst Ai Yi cited by Odaily Planet Daily, and OnchainLens, the trader also switched between long and short positions and had reportedly made about $1.7 million across two earlier trades. One report said the position, entered at $1,620.6, showed an unrealized profit of $1.608 million with ETH at $1,658.8, while a later update said the current position was showing an unrealized loss of about $380,000. The activity highlights how relatively modest collateral can control much larger exposure on crypto derivatives venues, magnifying both gains and liquidation risk.