Whale wallet ‘0xc6f5’ deposited $2.5 million USDC to HyperLiquid and opened an $18.5 million Ethereum long position with 25x leverage, according to Onchain Lens. Six hours earlier, the same wallet closed a previous ETH long at a $547,071 loss. The activity underscores the scale and risk appetite of large traders using high leverage on decentralized derivatives platforms.