Whale Accumulates Ethereum Despite $25M Short Loss — Bullish Pressure Possible

I note that during the market pullback the Hyperliquid whale continued to accumulate Ethereum even though their ETH short now carries over $25 million in unrealized losses. I view this as a sign of conviction from a large market participant.

That combination—continued accumulation alongside a large losing short—raises the probability of a squeeze or a near-term relief rally, but it also increases downside risk if the market moves against the whale further. I remain watchful for liquidation events or a change in their posture.