According to Onchain Lens monitoring, a whale address closed its HYPE long position today, securing a profit of $2.28 million. Although the original entry cost remains undisclosed, the sizable gain underscores the success of the bullish trade. Immediately afterward, the address pivoted and opened a 5x leveraged short position in HYPE, with a notional value of approximately $13.6 million.
The same address also sold 40,000 HYPE tokens, generating $2.85 million in cash. Combined with the long position profit, the whale has locked in at least $5.13 million in realized gains. At present, the address still holds 150,000 HYPE in spot, worth around $10.75 million, with an unrealized profit of $6.4 million—implying a cost basis significantly below the current market price.
From the sequence of moves, the whale did not fully exit after taking profits but instead retained a substantial spot position while opening a leveraged short. The combined notional exposure (spot market value plus short contract notional) exceeds $24 million, creating a flexible hedging structure that can help manage risk in a volatile market.