Whale repositions to unfold new trading logic, $40 million bullish on HYPE, ZEC outperforms Bitcoin

BlockBeats news, September 14th, according to TradingBeats monitoring, smart money TestingThingsOut recently placed HYPE, ZEC and BTC, ETH on opposite ends of the trade: the former two hold a combined long position of about $20.894 million, while the latter two hold a combined short position of about $20.906 million, with the notional long and short sizes almost equal, totaling over $40 million.

The account positions suggest a relative strength trading logic, using BTC and ETH shorts to partially hedge against broader market volatility, betting that the recently outperforming HYPE and ZEC will continue to outperform.

This round of position building began on the evening of September 11th. TestingThingsOut bought 170,200 HYPE, opening a position worth about $14.005 million; ZEC net long opened 6,500 coins. During the same period, it newly opened 140 BTC shorts and expanded ETH shorts to 4,000 coins.

As of press time, the four positions are as follows:

- HYPE long position: value about $13.631 million, unrealized loss about $374,000;

- ZEC long position: value about $7.263 million, unrealized loss about $415,000;

- BTC short position: value about $10.857 million, unrealized gain about $109,000;

- ETH short position: value about $10.049 million, unrealized gain about $142,000.

The four positions total about $41.8 million, with the portfolio's net unrealized loss at about $538,000. This bet has not yet paid off. Starting from around the evening of September 11th when position building began, BTC appreciated about 0.57% relative to HYPE; during the same period, BTC appreciated about 0.41% relative to ZEC.

If calculated from after the position building ended in the early hours of September 12th, the HYPE/BTC ratio fell about 0.80%, and ZEC/BTC fell about 3.44%, with ZEC's relative weakness more pronounced.

In addition, its associated Polymarket address still holds about 9,500 "HYPE falls to $20 this year" No, with the No side currently implying a probability of about 95.5%, and no new trades in the past three days.