After a silence lasting about eight months, the whale address that once reduced its holdings of HYPE on-chain re-entered the spotlight in a high-profile and decisive manner. Around May 26, 2026, Onchain Lens detected that this address opened two clearly directional leveraged positions almost simultaneously: one was a 2x long position of approximately 2,839 ETH, and the other was a 2x short position of about 94,101 HYPE. Based on prices at the time, this set of hedge-style directional positions had a nominal scale totaling about 11.75 million USD, belonging to a rare single address large operation on-chain. More importantly, the structure of going long on ETH and short on HYPE echoed this whale’s earlier reduction path of HYPE in direction, yet shifted from spot to leverage tools, effectively amplifying its bet on the divergence between the two under a controllable leverage multiple. As several Chinese crypto media outlets reported this position quoting Onchain Lens data on the same day, this long-absent whale was brought back into the limelight, and its heavy positions against the completely opposite directions of ETH and HYPE were quickly interpreted as an on-chain signal regarding the divergence expectations between mainstream assets and popular narratives.

The Old Player Who Was Silent for Eight Months Suddenly Takes Action

Looking back from the address dimension, this whale is not a new face. Earlier, it had clearly reduced its holdings of HYPE on-chain, standing on the selling side, but then “disappeared” from publicly visible large positions for about eight months — neither continuing large-scale reductions nor making significant buys, leaving only sporadic daily operations on-chain, with overall activity noticeably reduced. To many observers, this appeared more like a conscious distancing from high-volatility tokens, extending the view into a slower rhythm cycle, quietly watching the changes in market sentiment and narrative rotation.

It was the exposure of this position around May 26, 2026, that truly broke this silence. Onchain Lens detected that the address opened a 2x long position of about 2,839 ETH and a 2x short position of approximately 94,101 HYPE, with a total nominal value of about 11.75 million USD, marking its first capture of a large leveraged operation in eight months. It is even more intriguing that it did not choose to “cover” or observe again on HYPE, but instead shifted from its previous reductions to directly going short, using more aggressive tools to bet on HYPE weakening. From a long-term observer to suddenly heavily leveraging bets on divergence, it is difficult for outsiders to deduce the true motives of this old player; however, this shift from observation to heavy positions at least indicates that in this old player's view, the cycle positions of ETH and HYPE are no longer the same.

The Game Between 2,839 Long Contracts and 94,101 Short Contracts

From the position structure, this move looks more like a calculated directional hedge: on one side is a 2x leveraged long of approximately 2,839 ETH, and on the other side is a 2x leveraged short of about 94,101 HYPE, with a total nominal scale of about 11.75 million USD confined under the same address. It did not bet everything on a one-sided gamble but instead combined mainstream assets with project tokens to form a relative strength combination of “long ETH, short HYPE,” placing bets on the future performance spread between the two rather than the absolute price movements on either side.

The choice of 2x leverage is another key signal for this combination. Compared to aggressive plays of five times or ten times leverage, 2x leverage provides a thicker cushion for risk while amplifying profits — if ETH oscillates or even retreats short-term, there is still space in the position to withstand volatility, while a technical rebound in HYPE would not force the shorts to exit immediately. Under this structure, the ideal scenario is clear: ETH strengthens, HYPE weakens, and both ETH longs and HYPE shorts profit simultaneously; if ETH rises while HYPE barely follows or underperforms, the combination can still widen the gap based on relative gains. For this old address returning to battle after eight months of silence, it is a bet on ETH’s relative success while deliberately reserving maneuvering space for itself.

From Selling to Shorting: HYPE's Downgrading in the Whale's Mind

Looking back at the historical trajectory of this address, its attitude towards HYPE itself is a slowly descending curve. Earlier, it had repeatedly reduced or sold HYPE on-chain, and the specific transaction quantities and averages are currently only mentioned by a single source and have not been cross-validated by multiple parties, but the direction is clear: a shift from holding to cashing out. Now, reappearing, it is no longer satisfied with merely “exiting” but has directly opened a short position of approximately 94,101 HYPE with 2x leverage, upgrading the past tendency to reduce to a proactive bet on downside, which in narrative terms is almost equivalent to a “rating downgrade” for HYPE.

This shift in attitude has been magnified into a market topic, largely due to the concentrated dissemination of information. After Onchain Lens first disclosed this combined position, several Chinese media outlets, including Odaily Planet Daily, PANews, and Deep Tide TechFlow, reported the stance of “long ETH, short HYPE,” packaging a single address’s leveraged short as a symbol of divergence expectations between ETH and HYPE. However, on the quantitative level, concerning HYPE's recent transaction volume changes, as well as the broader paths of token holders’ reductions or increases, only scattered data, mostly from single sources, are available, which is insufficient to support a judgment regarding “mainstream funds comprehensively turning.” In the absence of more comprehensive on-chain samples and multi-party validation, this short position resembles a high-recognition emotional and expectation signal rather than a definitive conclusion about HYPE's fundamentals or the overall bullish-bearish landscape.

Can This Position Serve as a Barometer for ETH and HYPE?

This position, revealed in late May 2026, with a nominal scale of approximately 11.75 million USD, indeed provided the market with a clear relative strength coordinate: the same whale used 2x leverage to go long about 2,839 ETH and short approximately 94,101 HYPE, writing the expectation of “strong ETH, weak HYPE” divergence directly on-chain. However, it is essential to be cautious that the current publicly available information is still almost entirely concentrated on this one address and this single formed position, and there are no signs of additional large addresses following with a similar structure. Thus, it is at most a high-recognition sample and not a conclusion that can be extrapolated as “overall consensus of funds.” The choice of 2x leverage means this whale is not betting on extreme short-term outcomes but is more likely amplifying a directional view that might carry medium to long-term judgments. However, as long as the short-term price trends move against this direction, margin pressure may still compel it to passively reduce positions or liquidate, and the "position" on-chain could change at any moment. To genuinely elevate this transaction as a more representative barometer, two dimensions of follow-up are required: first, continuously tracking the rhythm of this same address's additions and reductions in ETH and HYPE to see if it persists against the trend or adjusts accordingly; second, observing whether other similarly sized addresses replicate the “long ETH, short HYPE” divergence position structure. Therefore, this position is more suitable as a starting point for further observing whether the divergence in bullish-bearish sentiment between ETH and HYPE expands, rather than a finalized conclusion.

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