A certain whale with a $49 million position bet on HYPE underperformed BTC, with the combination experiencing a two-way loss of $700,000 during the pullback period

BlockBeats News, March 19th, according to Coinbob Popular Address Monitor data, the "Long BTC, Short Altcoins in Face of Market Drop" whale (0x939) has recently repositioned its BTC/HYPE exchange rate hedge combination: longing BTC with a $29.4 million position at an average price of $70,562; simultaneously shorting HYPE with a $19.7 million position at an average price of $39.

However, in today's market downturn, although BTC experienced a temporary pullback, while HYPE also declined in sync, it remained above $40, showing a significantly smaller retreat compared to BTC. This trend put pressure on both ends of the hedge combination, with the long position's losses not being offset by the short position, resulting in a total loss of approximately $700,000 in both directions.

Previously, this address had reduced its position using a similar strategy, longing BTC with a $50 million position while shorting ETH, XRP, ADA, and 8 other currencies, and that strategy was successful. The overall profit for the entire cycle still remains around $37.1 million.