On-chain data shows that on January 23, a well-known investor once again added 250,000 USDC to HyperLiquid, further increasing their ETH 25x leverage long position.

The current total size of this position reaches $12.11 million, holding 4,100 ETH. From the opening details, the position was opened at a price of $2,944.95, with an unrealized profit of $73,000. However, risk should also be noted—the liquidation price is set at $2,888.40, which means if ETH experiences a significant pullback to that level, the entire position will be at risk.

From the trading behavior, this wave of increased positions reflects some major players' optimistic outlook on the recent market trend. A 25x leverage is a high-risk operation, typically employed only by participants who are confident in their market direction.