An anonymous wallet linked to Tornado Cash deposited $7 million on Hyperliquid to open a leveraged long position on Bitcoin with 20x leverage. After withdrawing 3,100 ETH from the protocol, it converted the funds into $6.92 million in USDC through CoW Swap and used the proceeds as collateral. The position combined a $12.84 million Bitcoin long entered at $75,762.2 with a short position of 5,740 ETH valued at $12.83 million. The trade benefits from Bitcoin outperforming Ether and from collecting funding on the short position, while a sharp rise in Ether could trigger margin liquidation and the loss of the entire $6.92 million.
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