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An ETH short trader on the Hyperliquid platform is currently losing $1.20 million

According to Lookonchain monitoring, a trader opened a short position against ETH on the Hyperliquid platform with 50 times leverage, and the current loss has reached $1.20 million. The short opening price is $3429.45. If the ETH price reaches $4843.9, the position will be forced to position squaring.