A Major Crypto Whale Surprisingly Opens a Large Short Position in an Altcoin with a Sudden Decision

According to on-chain tracking data, a whale wallet starting with 0xdaa deposited approximately $2.6 million in collateral to the Hyperliquid platform yesterday.

The address in question opened a short position on Lighter (LIT) with 1x leverage and a size of approximately $1.25 million. The average entry price was recorded as $3.53, and the liquidation price as $6.98. At the time of writing, it appears that the whale is continuing to increase its position, and approximately $970,000 of the margin remains unused.

On the market side, LIT is currently trading at around $3.47 in the pre-launch market. Based on pre-market pricing, the project’s fully diluted market value (FDV) is approximately $3.4 billion. However, a weakening sentiment is noticeable. According to data from the prediction and betting platform Polymarket, the probability that Lighter’s FDV will remain above $3 billion one day after its IPO has fallen by approximately 7% today, to 55%.

On the other hand, it was reported on December 20th that Lighter transferred 250 million LIT tokens (approximately 25% of the total supply) to a new address. Current on-chain data shows that approximately 12 million tokens have been distributed so far. If all of these tokens are used in future airdrops, each Lighter point would be worth approximately 20.8 LIT. Based on the current upfront price, this translates to approximately $72.1 per point.

The prevailing market expectation is that Lighter will conduct its airdrop on December 31st.