「HYPE's Biggest Short Seller」 Sells Off $8.5 Million in Spot to Unwind Hedge, Daily Funds Increase by $1 Million

BlockBeats News, April 17th, according to Hyperinsight Monitoring, last night and this morning, the on-chain hedge whale "HYPE Largest Short" continued to place intensive TWAP (Time-Weighted Average Price) orders after the HYPE price fell below $45.5. As of the time of writing, a total of over 190,000 HYPE spot tokens have been sold, equivalent to about $8.5 million. The whale still holds a spot position of $19.5 million and may intend to gradually lock in some spot profits.

In addition, the $24.1 million short position held by this address has not shown any signs of reduction. Previously, its strategy involved hedging the downward risk of spot positions with a short position. However, after closing the spot position, the address did not close the short position, leaving a $5.6 million position unidirectionally exposed to the downside, attempting to capture further downside potential.

As the market slightly retreated to around $43.5, the pressure on the short position, previously deeply underwater due to hedging, was somewhat relieved. The unrealized loss decreased from $3.54 million (-70%) yesterday to $2.55 million (-53%), and the available balance increased by approximately $1 million.

Address: 0x939f95036d2e7b6d7419ec072bf9d967352204d2