Whale Deposits $32M USDC on HyperLiquid, Triggers Short Squeeze Attempt

A whale deposited $32 million USDC into HyperLiquid and bought $14.5 million worth of HYPE using TWAP within 15 minutes, MLM data show. The trader placed $7.05 million in short orders between $34.5 and $36, targeting large short positions roughly 5% from liquidation prices, while funding rates spiked above –800% as traders opened shorts against the buy orders. The whale then market-shorted 100,000 HYPE tokens ($3.3 million), causing a 4% price drop within seconds. Short positions under pressure fell from 2.1 million HYPE ($67.1 million) to 727,000 HYPE ($24 million).