The short position has racked up nearly a $400k floating loss and is still adding to the position—does this guy truly believe in a bear market, or is he just stubborn? The liquidation price of $190 looks a long way off, but if HYPE delivers another round of violent pumps, the $40 million position might end up performing fireworks on the spot.

CryptoWorld News reports that the HYPE short position has reduced its holdings by 8,642.38 coins over the past period, which is approximately $485,190.50. The current position size is $2,029,257.14, with an average price of $58.87. The current profit and loss is -$39,635.86, a decline of -19.53%. The current coin price is $60.04, and the liquidation price is $190.92. This address is short more than 20 tokens, with holdings of about $40 million, and has accumulated profits exceeding $91 million. The current main positions are short ZEC and TON.