币界网报道：A trader known as "qwatio" suffered massive liquidations totaling $8.5 million on Hyperliquid, a decentralized perpetual futures exchange, after a $1.5 million leveraged long position on Ethereum (ETH) turned against them. The liquidations occurred as ETH's price dropped sharply from $3,400 to $3,200, triggering cascading margin calls. Despite the losses, qwatio remains one of Hyperliquid's top traders by volume, having previously earned $2.5 million in profits. The incident highlights the high-risk nature of leveraged trading in volatile crypto markets, where rapid price swings can quickly erase positions. Hyperliquid has gained attention for its innovative order book design and growing trading activity.