BlockBeats News, April 17th, according to Hyperinsight monitoring, last night and this morning, the on-chain hedging whale known as the 'HYPE Largest Short' continued to densely place orders using TWAP (Time-Weighted Average Price) after the HYPE price fell below $45.5. As of the time of writing, it has sold over 190,000 HYPE spot tokens, equivalent to around $8.5 million. It still holds a spot position of $19.5 million, possibly planning to gradually lock in some spot profits.

In addition, the address with a $24.1 million short position has yet to show any signs of reducing its position. Previously, its strategy involved hedging the downward risk of its spot position with a short position. However, after closing the spot position, the address did not close the short position, leaving a unilateral exposure of $5.6 million to the downside, attempting to profit from further pullback.

As the market slightly retreated to around $43.5, the pressure from the heavily hedged short position, which was deeply in unrealized losses due to the hedge, has eased. The unrealized loss has decreased from $3.54 million (-70%) yesterday to $2.55 million (-53%), resulting in a net increase of approximately $1 million in available funds.

Address: 0x939f95036d2e7b6d7419ec072bf9d967352204d2