According to on-chain analyst Ember, a cluster of whale/institutional addresses holding ETH lending positions recently sold 36,900 ETH via Hyperliquid over the past four days to stop losses, withdrawing 82.36 million USDC for repayment. He is currently still at a loss: he still holds 56,000 ETH (worth $115 million), with the liquidation price of these ETH lending positions around $2,050, only about $200 away from the current price. He bought his ETH last July at an average price of approximately $3,363, and the current loss has reached $105 million.