On February 24, blockchain analytics firm Onchain Lens reported that whale address 0x4A2 deposited 2 million USD Coin (USDC) to the Hyperliquid decentralized perpetual exchange. Following the deposit, the wallet initiated 20x long positions in Ethereum (ETH) and Solana (SOL). The positions currently show an unrealized loss of $1 million, with cumulative losses surpassing $8 million. These actions highlight ongoing high-risk leveraged trading activity by large market participants on Hyperliquid.