'HYPE's Largest Bear' Sells $8.5M Spot Daily to Unwind Hedge, Recovers $1M in Funds Daily

BlockBeats News, April 17: According to monitoring by Hyperinsight, late last night and early this morning, the on-chain hedging whale known as 'HYPE's Largest Bear' continued to place intensive TWAP (time-weighted average price) orders after the price of HYPE fell below $45.5. As of press time, the whale has cumulatively sold over 190,000 HYPE tokens, equivalent to approximately $8.5 million. The address still holds a spot position worth $19.5 million, possibly aiming to lock in partial spot profits in batches. Additionally, the $24.1 million short position at this address has shown no signs of being reduced. Previously, the strategy involved using short positions to hedge the downside risk of the spot holdings. However, after closing the spot positions, the address left the short positions open, exposing a total of $5.6 million in one-sided downside risk, seemingly attempting to capitalize on further pullback potential. As the market slightly retreated to around $43.5, the pressure on the short positions, which had been deeply underwater due to the hedge, eased somewhat. The unrealized loss narrowed from $3.54 million (-70%) yesterday to $2.55 million (-53%), with on-paper funds recovering by approximately $1 million. Address: 0x939f95036d2e7b6d7419ec072bf9d967352204d2