0xa523 Whale is a high-leverage active trader in the crypto market, recently experiencing significant losses in trading and under pressure. At the beginning of September, it closed all its Ethereum long orders, losing over 36 million USD, and then switched to shorting Bitcoin with 25x leverage.

As of September 10, its Bitcoin short positions continued to incur floating losses, with a total loss of about 39.66 million USD on the Hyperliquid platform for the entire month. Moreover, on that day, all positions held by that address were short, with a leverage ratio of approximately 28.69 times and a margin utilization rate as high as 114.74%, leading to a highly strained capital chain.
Given that the Whale has recently been in a high-risk situation, there is indeed a risk of liquidation for its position if the Bitcoin market fluctuates in the opposite direction, or it may prompt further adjustments to its position size to manage risk.