A newly created wallet deposited $4.89 million into HyperLiquid and opened a 20x leveraged short position on 9,887 ETH worth about $20 million on March 31. The position’s reported entry price was $2,021.63, with a liquidation price of $2,466.02. The trade represents a large bearish bet on Ether using substantial leverage, meaning relatively limited upward price movement could trigger liquidation.