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Assessing STH Conditions The recent downtrend has pushed a significant portion of Short-Term Holder (STH) coins into loss. Despite a surge in unrealized losses, the financial impact on new investors remains largely in line with the yen carry trade event on August 5, 2024. The scale of unrealized losses is also less severe than the May 2021 sell-off and the 2022 bear market. Realized loss analysis over the past 30 days shows that a large portion of new investors capitulated under market pressure, with $7B in realized losses, making it the largest capitulation event of this cycle. However, the scale remains far smaller than May 2021 and the 2022 bear market events.

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JUST IN: 🇺🇸 First Solana ETFs to launch in the US tomorrow.

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I think so, because ETH has reached $2K.

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The whole market is celebrating as ETH returns to $2K 🤡

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Justin Sun Stakes 60K $ETH - $114M Staked: Sun locked 60,000 ETH for an estimated $3M annual yield. - Whale Move: TRON’s founder may have insight others don’t. - ETH Price Reaction: Gradual recovery observed overnight.

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kol game leveled up. before: bag up tokens, dump on pool. now: straight-up brokers, taking a cut from platform fees. less risk, same grind.

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Some giga-brain just farmed a $1.86M profit off a dex leverage protocol bug without taking an L. - Margin withdrawal doesn’t nuke orders, just raises liq price. So they built a bot on arbitrum to pull just enough funds to force liquid short fills without crashing funding rate. - Another bot runs cross-exchange arbitrage, yanks funds from arbitrum, slams cex, fills liquid long gaps at max speed to keep the loop tight. - Once funding stabilizes, mass withdrawals trigger, and eth gets liquidated at peak prices max slippage, max profit. Literal infinite money glitch. Quant teams wish they had this playbook.

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BTC open interest on both CEXes and CME is back to pre-election levels; also, the futures basis on both CEXes/CME is back to pre-ETF levels

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delist season hitting harder than any altcoin pump rn - bybit, okx, coinbase, binance alpha chopping heads - dozens of pairs gone poof - check the link for the graveyard list, rip those bags

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4️⃣ Inflation Lower Than Expected: Consumer Price Index (CPI): +0.2% MoM, bringing annual inflation down to 2.8%. CPI report eased fears of stagflation (inflation + economic stagnation). Fed Policy Predictions 5️⃣ Rate Cut Expectations: Markets are now pricing in three 0.25% rate cuts this year. Current Fed Funds Rate: 4.25% - 4.50% (unchanged since December). 📊 Source: CME FedWatch Tool. 6️⃣ Upcoming Data (Thursday): February Producer Price Index (PPI). Weekly Jobless Claims. Trade War Heats Up 7️⃣ U.S. Tariffs Incoming: Trump’s steel & aluminum tariffs take effect Wednesday. 8️⃣ Global Reactions: 🇨🇦 Canada: 25% retaliatory tariffs on $20B+ of U.S. goods. 🇪🇺 EU: Plans to hit $28.3B worth of U.S. imports with tariffs starting in April. Other Asset Classes 9️⃣ Key Assets: 10-Year Treasury Yield: 4.31%. U.S. Dollar Index: 103.59 (lowest in 2025). Brent Crude: $69.9/barrel. Bitcoin: $83,588. Gold: $2,936/oz.

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Market Sentiment & Key Indexes 1️⃣ Wall Street in High Spirits! A softer inflation report eased economic worries, and investors snapped up beaten-down tech stocks. 2️⃣ Tuesday’s Market Moves: 📉 Dow Jones: -0.2% 🚀 Nasdaq: +1.22% 📈 S&P 500: +0.5% Tech Stocks Make a Comeback 3️⃣ Big Tech Bounces Back: ⚡ Nvidia: +6.4% 🔥 AMD: +4% 📱 Meta Platforms: +2% 🚗 Tesla: +7% Inflation Data

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⚖️ In comparison to HLP’s total value of $451M: The $4M loss is about 1% of TVL, which isn't a huge amount. Compared to $60M in total profits so far, the loss represents around 6.6%, which is significant but not devastating. Overall, this wasn’t a smart contract hack, so there’s no need to panic. It’s a risk that most projects using this model will face at some point—even GMX has been hit before.

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4/ Is Hyperliquid Still Safe? 🧠 It's unclear whether the trader intentionally attacked Hyperliquid. If they did, they must have had a deep understanding of the system, because pulling it off required: System knowledge: The trader needed to know that the HLP Vault would take over large positions and wouldn't be able to exit immediately without taking a loss if the price dropped. Perfect timing: They had to withdraw margin and short ETH at just the right moment to trigger liquidations and profit from price movements. Market liquidity: The liquidation had to be large enough to impact market prices, creating an opportunity for the short position. After this incident, Hyperliquid reduced the max leverage for ETH from 50x to 25x to prevent similar situations.

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How Did a Trader Profit While Hyperliquid Lost $4 Million? The real drama here? Rumors say this trader didn’t just walk away with $1.86 million—they might have made even more by exploiting a vulnerability in Hyperliquid. 📌 Here’s how they pulled it off: (1) Long on Hyperliquid: Bought 175,000 ETH at $1,884.4/ETH Sold 15,000 ETH at $1,930/ETH Withdrew $17.09M USDC, locking in $1.86M profit (2) Liquidation Play: 160,234 ETH got liquidated at $1,839/ETH Price dropped further to $1,814/ETH HLP Vault took a $4M loss (3) External Short: Shorted 100,000 ETH at $1,839/ETH Closed at $1,814/ETH $2.5M profit Final Profit Breakdown: Long: $1.86M Short: $2.5M Total: $4.36M Meanwhile, HLP Vault’s $4M loss became the “bridge” that helped the trader maximize profits—it reflects the sell pressure they capitalized on.

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Why Did Hyperliquid Lose $4 Million? Let’s break it down—ETH price dropped, causing long traders to get liquidated 🔻 Step 1: A trader closed a 15,000 ETH position, reducing their collateral. This pushed their liquidation price up to $1,839/ETH. Step 2: When ETH hit the liquidation price, Hyperliquid’s liquidity wasn’t enough to absorb the massive liquidation. Step 3: To keep the platform running, the HLP Vault had to step in, buying 160,234 ETH at $1,839/ETH (~$286M) to stabilize the system. Step 4: As ETH dropped further to $1,814/ETH due to liquidation-driven sell pressure, the fund took a loss of $25 per ETH. Final Loss Calculation: 160,234 ETH × $25/ETH = $4 million 💸—a loss distributed among HLP Vault participants.

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How Did the Trader Perform? Profit or Loss? On March 12, 2025, an anonymous trader (wallet "0xf3f4") opened a long ETH position worth over $300 million on Hyperliquid. What’s interesting is that the trader only used $15.23 million USDC as capital, meaning they were leveraging between 13.5x and 19.2x—an extremely high-risk move. 👀 If you don’t trade Futures, you might not fully grasp the risk level here, but in this market, running a 3x on leverage can already get you liquidated in no time. At one point, as ETH pumped, this trader was sitting on a potential $8 million profit. However, when ETH dropped to $1,839, their position got liquidated. 🤑 Luckily, before that happened, they had already closed 15,000 ETH and withdrawn $17.09 million USDC, securing a realized profit of $1.86 million. But the real question is: Why did Hyperliquid take a $4 million loss? 🤔

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🧐 Why Did a Trader’s $300M ETH Long Cause Hyperliquid to Lose $4M? 1️⃣ What did the trader do? Profit or loss? 2️⃣ Why did Hyperliquid lose $4M? 3️⃣ How did the trader make money while Hyperliquid took a hit? 4️⃣ Is Hyperliquid still safe? Let’s break it down! 🚀

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A whale is going long on $ETH with a volume of over $150M on Hyperliquid, with liquidation set if $ETH drops below $1859. Could it be Trump's son? Haha. Current status: $2.4M in profit just a few minutes after opening the position.

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Metaplanet 🇯🇵 issues 2 billion yen (13.5 million USD) in zero-interest bonds to buy more BTC.

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