Pseudonymous analyst Pentoshi has initiated a small spot position in Hyperliquid's native token, HYPE, at prices below $34. He indicated plans to increase his holdings if the token's price declines further. Pentoshi highlighted the token's broader downtrend and potential sell pressure from an unstaking queue as reasons for his cautious approach. The analyst also referenced a recent Ethereum trade that resulted in losses, which has led him to adopt a more defensive strategy. This includes smaller position sizes and pre-set bids to manage risk effectively.