Whale cutting losses on HYPE, flipping to short the S&P 500 with 50x leverage—$110 million. What systemic risk are they sensing?

HYPE0.13%
SPX-3.42%
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CoinNetwork
CryptoWorld News reports that, according to monitoring, whale address 0x97f closed a long position in HYPE with a loss of $3.22 million and sold 165.4k HYPE tokens in the spot market for a profit of $1.98 million.
Subsequently, this address opened 15k SP500 short positions, using 50x leverage, with a total value of approximately $111 million, and a liquidation price of $8,295.66.
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