A whale wallet tagged as 0x9bb, which had previously posted profits on five storage-sector trades, deposited 2.393 million USDC into Hyperliquid overnight and quickly returned to SNDK, according to TradingBeats, formerly Hyperinsight.
Less than one minute after the funds arrived, the address started building a long position. Within four minutes, it bought a total of 3,800.84 SNDK contracts, with notional turnover of about $4.783 million and an average entry price of $1,258.5.
As of publication, the whale was holding an SNDK long worth about $4.853 million on isolated 2x leverage. It was the account’s only open position. With SNDK at $1,276.8, the trade was showing an unrealized profit of about $69,600, equal to roughly 2.9%. The liquidation price was $662.1, and no public resting orders had been set.
SNDK dropped to a low of $1,168.3 overnight before rebounding to $1,276.8, a gain of about 9.3% from that low. Even so, it remained about 10.5% below the previous day’s reference price. TradingBeats noted that the whale did not buy at the bottom and re-entered only after the rebound was already underway.
The monitoring account said the whale had twice transferred about $7.537 million back to its spot account. Since it began trading in late July, the address has only traded storage-related names and has closed five directional trades, all in profit:
- SNDK long: about $1.374 million in profit;
- SKHX long: about $785,000 in profit;
- SNDK short: about $662,000 in profit;
- MU short: about $309,000 in profit;
- SKHY short: about $184,000 in profit.
Market data showed SNDK recorded about $936 million in trading volume over the past 24 hours. Open interest stood at about $161 million, while the hourly funding rate was about +0.000625%.