Why is crypto down today, or should we say just now? Bitcoin fell below $84,000 after failing to sustain an advance toward the $87,000-$87,800 resistance area, shortly after four newly created Hyperliquid wallets deposited $1 million USDC and opened 40x short positions totaling 148.49 BTC, or about $12.5 million in notional exposure.

The newly created addresses deposited a combined $1 million in USDC to Hyperliquid before the decline and used 40x leverage to short 148.49 BTC. The reported notional value was approximately $12.5 million. The deposits and shorts came before Bitcoin slipped below $84,000, making the trade look unusually well-timed in retrospect.

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