Analysis: Many whales participating in PUMP contract transactions on Hyperliquid are engaged in low-leverage trading or primarily focused on arbitrage.

On July 10th, according to on-chain analyst Ai Auntie (@ai_9684xtpa), after Hyperliquid launched the PUMP contract, the majority of whales mainly adopted the strategy of "hundreds of millions in collateral + 1x leverage." In fact, there was a high probability that they were aiming for the public sale arbitrage on the 12th or seeking quick profits. Currently, three whales have cumulatively deposited 11 million USDC in collateral, but have only opened a short position of 2.394 million US dollars. Due to the absence of a reference price, the current HYPE is in a vulnerable state of manipulation. If, like this morning at 11:30, it drops to $0.015, then even with 1x leverage and insufficient collateral, it would be liquidated. Among them, the address 0xAc7...D53ce is the most aggressive. It has 4 million USDC in collateral and opened a 2x short position, holding $1.074 million. The opening price is $0.00504 and the liquidation price is $0.02138.