Bitcoin's market indicators are showing the most bearish levels of the current cycle, according to CryptoQuant, with all valuation metrics signaling a bearish territory. Historically, such readings have indicated either a sharp correction or the onset of a bear market. Despite this, Bitcoin whales have been actively accumulating, with over 65,000 BTC bought in the past month, suggesting sustained buying pressure amidst market uncertainty. In the Ethereum market, a significant event unfolded on Hyperliquid, a decentralized trading platform, where a whale trader with the wallet address 0xf3f4 opened a $340 million long position on ETH using 50x leverage. This position, totaling 175,000 ETH, was liquidated after the trader withdrew $4.3 million in funds, reducing their margin below maintenance requirements. The liquidation resulted in a $1.8 million profit for the trader but a $4 million loss for Hyperliquid's HLP vault, which took over the position at $1,915. Hyperliquid clarified that there was no protocol exploit or hack involved, emphasizing that the HLP vault is not a risk-free strategy. Following the liquidation event, Hyperliquid announced adjustments to its leverage limits, reducing the maximum leverage for Bitcoin and Ethereum trades to 40x and 25x, respectively, to strengthen risk management. The platform's HYPE token experienced a brief decline but has since recovered. Despite the recent loss, the HLP vault maintains an all-time profit of approximately $60 million, with $432 million still in the vault.