A newly created cryptocurrency wallet has deposited $5.1 million in USDC into the HyperLiquid platform and initiated a significant short position on Ethereum (ETH) with 20x leverage. The position involves 10,796 ETH, valued at approximately $50.83 million, with an entry price of $4,718.1 and a liquidation price set at $5,086.8. This move highlights the ongoing volatility and speculative trading activities in the crypto market.