**[Whale Adjusts Portfolio to Unveil New Trading Logic: $40M Bullish on HYPE and ZEC Outperforming Bitcoin]** BlockBeats News, September 14—According to TradingBeats monitoring, the smart money account "TestingThingsOut" has recently positioned HYPE and ZEC against BTC and ETH on opposite ends of trades. The former holds approximately $20.894 million in long positions, while the latter holds approximately $20.906 million in short positions, with nominal long-short exposure nearly equal, totaling over $40 million. The account's portfolio indicates a trading logic favoring relative strength, using BTC and ETH short positions to hedge against broader market volatility while betting on the continued outperformance of HYPE and ZEC, which have shown strong recent performance. This round of portfolio adjustments began on the evening of September 11. TestingThingsOut purchased 170,200 HYPE tokens, opening a position worth approximately $14.005 million, and net longed 6,500 ZEC tokens. Concurrently, it opened 140 BTC short positions and expanded its ETH short positions to 4,000 tokens. As of press time, the four positions are as follows: - **HYPE Long Position**: Valued at approximately $13.631 million, with an unrealized loss of approximately $374,000. - **ZEC Long Position**: Valued at approximately $7.263 million, with an unrealized loss of approximately $415,000. - **BTC Short Position**: Valued at approximately $10.857 million, with an unrealized gain of approximately $109,000. - **ETH Short Position**: Valued at approximately $10.049 million, with an unrealized gain of approximately $142,000. The total value of the four positions is approximately $41.8 million, with a net unrealized loss of approximately $538,000. This bet has not yet been realized. Starting from the evening of September 11, when the portfolio adjustments began, BTC has appreciated by approximately 0.57% relative to HYPE and by approximately 0.41% relative to ZEC. If calculated from the early morning of September 12, when the portfolio adjustments were completed, the HYPE/BTC price ratio has declined by approximately 0.80%, while the ZEC/BTC price ratio has dropped by approximately 3.44%, with ZEC showing more pronounced relative weakness. Additionally, the Polymarket-linked address associated with the account still holds approximately 9,500 contracts for "HYPE dropping to $20 within the year" (No). The current implied probability for the No side is approximately 95.5%, with no new trades added in the past three days.