PANews reported on January 5 that on-chain analyst Yu Jin monitored that the 0x20c...4f5 address, which shorted 30,000 ETH (US$110 million) at 50x on Hyperliquid, should be the delta neutral short hedging position of Resolv Labs, not a whale. There have been multiple transfers between the 0x20c...4f5 address and Resolv's 0xacB...b8e contract address, and they share the same Binance deposit address. In addition, according to Resolv's introduction document, they use perpetual contracts to short ETH hedging to implement delta neutral strategies. Therefore, the 0x20c...4f5 address should be the address used by Resolv to execute short hedging, not a whale.