HYPE has recently weakened relative to BTC, with a BTC/HYPE long position whale earning over $2 million in the past two days.

BlockBeats News, March 31st, according to Hyperinsight monitoring, in recent days, HYPE has been weakening compared to BTC, with the price dropping to around $36 at one point, a nearly 5% intraday drop. Whale (0x939) who believes "staking more BTC is more resistant to price drops" once again recorded a profit of $820,000 in the past 24 hours, with a total fund recovery of $2.1 million in the past two days, fulfilling the prediction of betting on BTC outperforming HYPE.

This address currently holds a "BTC/HYPE" exchange rate hedging strategy: longing BTC with a size of $28.1 million at an average price of $70,557; simultaneously shorting HYPE with a size of $20.58 million at an average price of $38.9.

Prior to this, this address built a similar position with a size of around $50 million, longing BTC while shorting ETH, XRP, ADA, and 8 other currencies. At that time, the strategy was effective for a while, and the overall profit throughout the cycle remained at around $37 million.