HYPE slid sharply on July 17, with Hyperinsight data showing the token touched a low of $58.781 by press time. That marked a 10% pullback from the intraday high, while the token was last quoted at $59.2, down 11.2% from the previous day.
Against that move, a whale identified as address 0x4e2 placed 60 HYPE limit buy orders in the early hours of the day. The orders were set across a $20 to $40 price range and would purchase 666,700 HYPE in total, with a notional value of about $20 million and a weighted average price of $30.
Hyperinsight data also showed the account holds $40.2 million in capital. At the time of reporting, it only had a short position of 4,218 HYPE worth about $250,000. If the buy orders are filled, the account would first close that short and then flip to a long position of roughly 662,400 HYPE.
HYPE fell sharply on July 17. According to Hyperinsight, the token had dropped to a low of $58.781 by press time, a 10% retreat from its intraday high. It was last trading at $59.2, down 11.2% from the previous day.
Whale sets 60 buy orders between $20 and $40
A whale wallet identified as 0x4e2 placed 60 HYPE limit buy orders early today. The orders were spread across a $20 to $40 range and were set to buy 666,700 HYPE in total, representing about $20 million in notional value at a weighted average price of $30.
The highest bid in that order stack was still 32.5% below the current market price.
Account currently holds a small HYPE short
Hyperinsight data showed the account has $40.2 million in capital. It currently holds a short position of 4,218 HYPE worth about $250,000. If the buy orders are filled, the account would close the existing short and then switch to a long position of about 662,400 HYPE.
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