TechFlow, July 10 — According to on-chain analyst Ai Yi (@ai_9684xtpa), after Hyperliquid launched the PUMP contract, most whales have adopted a strategy involving "a few million in margin with 1x leverage," likely aiming for arbitrage opportunities in the upcoming public sale on the 12th or seeking short-term profits.
Currently, three whale addresses have collectively deposited 11 million USDC as margin but opened only $2.394 million worth of short positions.
Due to the lack of a marking price mechanism, HYPE is currently vulnerable to manipulation. If the price spikes to $0.015 as it did at 11:30 this morning, even 1x leveraged positions could be liquidated when margin becomes insufficient.
Among them, address 0xAc7...D53ce is the most aggressive, opening a 2x short position with 4 million USDC in margin, holding a $1.074 million position at an entry price of $0.00504 and a liquidation price of $0.02138.
