Smart-money account TestingThingsOut has built a paired trade that puts HYPE and ZEC on one side and BTC and ETH on the other, according to TradingBeats monitoring cited by BlockBeats on Sept. 14.
The account holds roughly $20.894 million in long exposure across HYPE and ZEC, against about $20.906 million in shorts on BTC and ETH. That leaves the two sides almost perfectly matched on a notional basis, with total exposure above $40 million. The positioning suggests a relative-strength trade: using BTC and ETH shorts to hedge broader market moves while betting that HYPE and ZEC will keep outperforming.
The build began on the night of Sept. 11. TestingThingsOut bought 170,200 HYPE, opening a position worth about $14.005 million, and took a net long of 6,500 ZEC. Over the same period, the trader opened a 140 BTC short and increased the ETH short to 4,000 ETH.
As of publication, the four positions stood at:
- HYPE long: about $13.631 million in value, with an unrealized loss of about $374,000;
- ZEC long: about $7.263 million in value, with an unrealized loss of about $415,000;
- BTC short: about $10.857 million in value, with an unrealized gain of about $109,000;
- ETH short: about $10.049 million in value, with an unrealized gain of about $142,000.
Combined, the four positions were worth about $41.8 million, and the portfolio was showing a net unrealized loss of about $538,000. For now, the bet has not paid off.
Measured from around the start of the build on the night of Sept. 11, BTC appreciated about 0.57% against HYPE and about 0.41% against ZEC. Using the period after the position was fully established in the early hours of Sept. 12, HYPE/BTC fell about 0.80%, while ZEC/BTC dropped about 3.44%, showing more pronounced relative weakness in ZEC.
Separately, a Polymarket-linked address associated with the trader still holds about 9,500 shares on the No side of the market "HYPE falls to $20 this year." The implied probability on that No side is about 95.5%, and there have been no new trades over the past three days.