There is an interesting on-chain data point worth paying attention to. A certain address has been very active on the Hyperliquid platform and currently holds a substantial position.

Specifically, this address 0x94d…33814 opened a short position on ETH 13 hours ago, holding 36,281.29 ETH with a total value of $106 million. The entry price was $2,920.21, now with an unrealized loss of $521,000. But don’t rush to conclusions; this trader clearly has a long-term plan.

Not only ETH, but this address also has $48.18 million in BTC shorts and $13.43 million in SOL shorts. More importantly, they have set clear take-profit ranges—BTC’s target is between $86,250 and $86,800, ETH aims for the $2,700 to $2,900 range, and SOL targets $121 to $131.76.

The most intriguing data is the profit and loss over the past week. Although currently with an unrealized loss, this address has already accumulated a profit of $6.22 million. What does this indicate? It shows that skilled traders are seeking opportunities amid volatility, using short positions to arbitrage during downtrends. The current unrealized loss may just be normal fluctuations during strategy execution.

It appears that significant funds are precisely deploying in the market, using short positions to hedge market risks or capitalize on price corrections. For ordinary traders, this kind of on-chain data can reflect institutional risk appetite and market expectations.