Odaily Planet Daily reports that Onchain Lens, a well-known on-chain data monitoring platform, detected a cryptocurrency whale that carried out two large leveraged trades within 24 hours, both resulting in losses. The whale initially closed a HYPE long position, crystallizing a loss of $2.047 million. Immediately afterward, it turned short on Bitcoin, opening a 682 BTC position with 40x leverage. However, the market moved against it once more, and the short has now accumulated an unrealized loss of over $680,000.
Onchain Lens continued to monitor the address, logging the details of both transactions. The transition from closing the long to opening the short was tightly timed. In total, the whale has lost more than $2.72 million in this sequence of operations. It is currently unclear whether the address will adjust or exit its position, and its next moves remain to be seen.