A trader known as Smart Trader has deposited $4.68 million in USDC into the HyperLiquid platform to open a short position on Ethereum (ETH) with 20x leverage. Previously, Smart Trader had an ETH short position that was up over $20 million but ultimately resulted in a loss of $802,000 after failing to close the position in time. The current move marks another high-stakes bet on ETH's price movement.