According to BlockBeats , on August 6th, an address starting with 0xd9a5 initiated a 30-minute ETH sell order for TWAP, aiming to short 52,956 ETH, with a nominal value of approximately $100.4 million. If the order is fully executed, it will immediately become the largest short seller of ETH on Hyperliquid.

However, this order was terminated after only about 45 seconds, with only 1779.67 ETH traded, worth about $3.373 million, representing 3.36% of the total. An address with only $335,000 in equity almost placed a short order equivalent to 299 times its own funds, and then withdrew about 97% of it within a minute, which seems quite like a "slip of the hand".

This doesn't seem to be the first time this has happened. Yesterday, this address initiated 39 ETH TWAP transactions, 31 of which were for shorting, and all were terminated early; the median runtime was only 16.5 seconds, and the median completion rate was approximately 3.42%.

This address actually sold approximately 1779.67 ETH in the first two rounds. This allows them to observe: whether Hyperliquid can quickly execute trades of approximately 880 ETH per round, what the average slippage is, and whether the price will significantly decline after consecutive sales. It is judged that this abnormal trading activity may involve two possible behaviors.

1. Using an exaggerated master task, quickly generate two market price slices close to the account limit, which is more convenient than manually placing consecutive orders.

2. By analyzing the first and second transactions, determine how much active sell orders the current ETH market can withstand, as well as the actual slippage of the transactions.

Although these huge orders were repeatedly cancelled, the actual transactions were still substantial. Yesterday, this address shorted a total of 58,200 ETH, and then bought them all back, with a total transaction value of approximately $218 million. The gross profit from this round was approximately $398,000, and after deducting approximately $62,000 in transaction fees, the net profit was approximately $336,000.

As of press time, the account had only 1,779.67 ETH short positions remaining, with a position value of approximately $3.374 million. It used 10x leverage, with an average entry price of $1,895.08, and currently has a floating loss of approximately $1,265. The account has no other active TWAP accounts or pending orders.

Whether this $100 million short order was a "slip of the hand" or part of their standard trading strategy remains to be seen; however, given the 39 similar trades yesterday, it is unlikely to be a single accidental mistake.

According to BlockBeats, on August 6th, Farside data showed that US Bitcoin spot ETFs saw a total net inflow of $244.4 million yesterday. Specifically, BlackRock's IBIT saw a net inflow of $196.8 million, ARKB a net inflow of $37.6 million, FBTC a net inflow of $11.3 million, BITB a net inflow of $10.6 million, and MSBT a net inflow of $2.8 million; HODL saw a net outflow of $14.7 million, and the remaining ETFs had zero inflows.

Ethereum spot ETFs saw a total net inflow of $60.8 million. Among them, BlackRock ETHA saw a net inflow of $50.3 million, ETHB a net inflow of $4.9 million, FETH a net inflow of $2.9 million, ETHW a net inflow of $1.4 million, TETH a net inflow of $1.3 million, and the remaining ETFs saw zero inflows.

According to BlockBeats, on August 6th, Lookonchain monitored that Arthur Hayes purchased another 10.9 million Ethena tokens, worth approximately $985,000. In the past five days, he has cumulatively purchased 22.64 million Ethena tokens, with a total value of approximately $2 million.