A certain HYPE whale capitulated on over $16.4 million in long exposure, retaining only a portion of spot holdings for defense.

BlockBeats news, September 24 — according to TradingBeats monitoring, Hyperliquid address 0x4e23 closed out all of its 178,800 HYPE long positions in batches this morning, worth approximately $16.45 million, with a loss of about $250,000.

After liquidating, the address retained only about 375 spot tokens and 10,100 staked HYPE for defense, temporarily removing its leveraged exposure. It currently still has approximately $6.38 million in buy orders placed at $87-89 below, and about $13.71 million in sell orders placed at $98-101 above.

Previously, the address went long on HYPE last night and fully exited this morning; both recent rounds of chasing the rally ended in losses. The address also previously recovered most of its losses on SPCX U.S. stock trading through similar repeated directional adjustments.