A giant whale with a 49 million position bet on HYPE losing to BTC, resulting in a two-way loss of $700000 during the pullback period According to BlockBeats news, on March 19th, according to Coinbob's popular address monitoring, "betting long on BTC is more resilient than knockoff" giant whale (0x939) recently opened a BTC/HYPE exchange rate hedging portfolio again: long BTC at a scale of $29.4 million, with an average price of $70562; Simultaneously short HYPE at a scale of $19.7 million, with an average price of $39. However, today's market is declining, and BTC has fallen briefly. Although HYPE has also fallen in sync, it has remained stable above $40, with a significantly smaller drawdown than BTC. This trend put pressure on both ends of the hedge portfolio, with losses from long positions not being hedged by short positions, resulting in a total two-way loss of approximately $700000. The address had previously reduced its position using a similar logic, taking a long position in BTC and short positions in 8 currencies including ETH, XRP, and ADA at a scale of approximately $50 million. At that time, the strategy was effective, and the full cycle profit remained around $37.1 million.