“HYPE’s largest short seller” sold $8.5 million in spot positions in a single day to remove hedges, with $1 million in net capital returning that day

BlockBeats news, on April 17, according to Hyperinsight monitoring, last night and early this morning, the on-chain large hedging whale known as "HYPE's biggest short" continued to place dense sell orders using TWAP (Time Weighted Average Price) after the HYPE price fell below $45.5. As of press time, more than 190,000 HYPE spot tokens have been sold, equivalent to about $8.5 million. This address still holds a HYPE spot position worth $19.5 million, likely aiming to lock in partial spot profits in batches.

In addition, the $24.1 million short position in this address has shown no sign of closing any part of it. Previously, their strategy used short positions to hedge against the downside risk of their spot holdings, but after closing the spot position, the address left the short positions unclosed, exposing a total of $5.6 million to the downside in a single direction, attempting to profit from further downside moves.

As the market slightly retraced to around $43.5, the pressure on the previously underwater short positions due to hedging has been alleviated. The unrealized loss narrowed from $3.54 million (-70%) yesterday to $2.55 million (-53%), with the account balance recovering by about $1 million.

Address: 0x939f95036d2e7b6d7419ec072bf9d967352204d2