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The trader who bet against $HYPE before the breakout is finally starting to wave the white flag…🤪.
After getting caught on the wrong side of #HYPE ’s surge, the wallet has begun unwinding both the short and spot position at the same time.
The trader unstaked 443,180 HYPE worth roughly $27M and has already sold 231,899 HYPE worth around $14.15M. The remaining 211,281 HYPE (about $13M) is still in the process of being sold.
At the same time, there’s still a 141,500 #hype short position open worth roughly $8.67M , currently sitting more than $2.5M underwater.
Looks like the strategy now is damage control: reduce exposure, close the short, and stop the bleeding after HYPE’s massive run caught the trade completely offside.
Address: 0x519c721de735f7c9e6146d167852e60d60496a47