An interesting on-chain story — yesterday, a major whale made a large transfer of 35.5 million USDC to Hyperliquid, showing full bullish confidence. Then, it continued to add to its BTC position, and by 2 a.m. today, it had accumulated 3,846 BTC, with an entry price of $92,096, and a paper asset value of $350 million. Sounds rock solid? But after a price fluctuation, this whale chose to close the position and cut losses about an hour ago, ending this bullish bet. As a result of this move, the paper loss was approximately $3.8 million. It seems that even large funds cannot escape sudden market reversals — timing often determines whether you gain or lose.