According to Onchain Lens monitoring, a whale address recently closed a HYPE long position at a loss of approximately $2.047 million. Immediately after, the same address entered a short position on Bitcoin, opening a trade for 682 BTC with 40x leverage. As of now, the short position has accumulated an unrealized loss exceeding $680,000.
This sequence of trades means the whale has suffered losses on both HYPE and Bitcoin within a short period, with total losses surpassing $2.7 million. The HYPE loss is realized, while the BTC loss remains unrealized and could widen if the market moves against the position.
With 40x leverage, a mere 2.5% adverse price move in Bitcoin could trigger liquidation of the entire position, highlighting the extreme risk exposure. The whale's aggressive strategy has drawn attention within the crypto community as on-chain trackers continue to monitor the position.