Whale Loses $2.047M Exiting HYPE Long, Shorts 682 BTC at 40x with Over $680K Unrealized Loss

According to onchain analytics platform Onchain Lens, a crypto whale recently sustained a massive $2.047 million loss while closing a HYPE long position. The trader then quickly reversed course, opening a 682 BTC short position at a high leverage of 40x.

However, the market did not move in the expected direction. The BTC short has now accumulated an unrealized loss exceeding $680,000, meaning the whale is facing both a realized loss on the HYPE trade and a paper loss on the fresh short. While the position remains open, the elevated leverage amplifies the capital risk, underscoring the double‑edged nature of such aggressive derivatives bets.