Open interest (OI) on Hyperliquid has surged to $7.73 billion, marking a significant increase in market activity. A single insider address holds 7.94% of the total OI, indicating a high concentration of positions. Since December 7, when this insider address began trading, the growth rate of OI has accelerated, suggesting a potential follow-the-leader effect. Over the past week, OI has consistently risen, reaching its highest level since November 20. This increase in leverage has been aligned with market trends since the market's temporary bottom on November 21, showing a high concentration of activity on Hyperliquid. The market appears poised for potential significant movements as leverage continues to build.