Hedging Whale Executes Time-based Order to Sell 63,000 HYPE Spot, Holding $25 Million Short Position in Contract Unwound

BlockBeats News, April 16th, according to Hyperinsight monitoring, the hedge whale "HYPE Maximum Short" on Hyperliquid has started to sell off its spot position today. The address has densely placed 9 sell orders for approximately $28 million worth of HYPE spot held, totaling 63,000 HYPE through a TWAP (Time-Weighted Average Price) strategy, with a value of around $2.86 million. Currently, over half of the orders have been executed.

At the same time, the whale still holds a 5x leveraged HYPE short position worth $25 million, with an average price of $38.93, currently experiencing a floating loss of $3.54 million (-70%), making it the largest short holder of HYPE on the platform.

Usually, the strategy of hedging spot positions with short positions often involves simultaneously closing out some short positions to lock in profits when selling spot. However, the whale has not yet made any adjustments to the HYPE short position, perhaps intending to bet on a short-term price reversal of HYPE to offset the unrealized losses in the short position.