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The secret behind the $100 million HYPE short is out.
Turns out the whale is not simply shorting the token. The position is being used as a hedge against his 2.1 million HYPE spot bag, worth around $127 million.
After HYPE printed a new ATH, he started partially unloading the position: around 557K HYPE, worth roughly $33 million, has already been moved to Hyperliquid for sale.
He still holds about 1.67 million HYPE, worth around $105 million.
So this no longer looks like a reckless short. It looks more like a careful large-player hedge and exit strategy.