small theory I had which I think I've discussed before but can't find to retweet, is about this wallet on hyperliquid, it opened a short position shortly after Trump took office early last year, and it's still running to this day, the only reason I follow it is that this short position was worth more than $50 million and tt wasn't even closed when ETH hit a new all time high last summer, which to me means that this is likely an insider wallet that knew the price would drop again.

Since December the margin of the position has been decreasing because they are closing parts of the short nearly every day and withdrawing the funds from hyperliquid to an external wallet.
My theory is pretty simple, once this position is fully closed a short squeeze will happen on ETH and crypto as a whole.
A few weeks ago the position was worth around $17M, and now it's down to $8M, so we're getting kinda close.