Capital Movements
● Lightning Deposit: Three addresses have concentrated deposits of 2.47 million USDC to Hyperliquid in the past 24 hours, subsequently opening a total long position of 1.69 million USD in TST, accounting for 42.3% of the total open interest in TST on the platform, dominating the top 3 positions. ● On-chain Fingerprint: Monitoring shows that address 0x48c…bc9d0 made a profit of 31,000 USD by going long on TST in early December. All three addresses have a similar path of transferring BTCB from Gate and withdrawing USDT via Aster, with margin deposits being directly transferred to Hyperliquid within 24 hours after being withdrawn from Gate or OKX.
Long and Short Game
● Concentration Risk: The 42.3% position share sets a new record for Hyperliquid, similar to historical ETH positions that experienced flash crashes due to insufficient liquidity. Currently, the TST long position is the only holding for the three addresses on the platform, and the leverage ratio has not been disclosed. ● Strategic Divergence: KOL @tonytfxyz points out that Hyperliquid whales often use a cyclical leverage strategy—continuously buying to push up prices before increasing their positions, while the community remains vigilant about short-term trading signs for TST, particularly focusing on whether the 31,000 USD profit history of address 0x48c is sustainable.
Historical Reflection
● ETH Cautionary Tale: In mid-December, a pension fund whale switched between long and short positions in ETH on Hyperliquid, reaching nearly 100 million USD in scale, ultimately suffering a 23% loss due to a 5x leverage liquidation. Although the current TST longs have not disclosed their leverage, the 42.3% open interest share has already surpassed the concentration level during the peak of ETH positions. ● Ecosystem Evolution: Hyperliquid ranked third in fee revenue across the entire chain in the past 24 hours, with the platform's derivatives structure expanding from ETH and BERA to smaller market cap assets like TST, attracting more institutional funds into the game through automated strategy tools.
Market Outlook
● Key Threshold: Close monitoring is required to see if TST price fluctuations trigger whale stop-loss lines, and whether Hyperliquid's liquidity depth can withstand potential liquidation impacts from the 42.3% position share. ● Conditional Inference: If the three addresses indeed belong to the same entity and maintain high leverage, any reverse fluctuations could trigger a chain liquidation; conversely, if the holdings are dispersed or operate with low leverage, it may replicate the profit model seen in early December.
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