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The BTC/HYPE exchange rate surged significantly within 24 hours, and a certain long-for-this exchange rate whale reportedly cashed back $900,000 in profit.

MeNews
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ME News message: On April 20 (UTC+8), according to Hyperinsight monitoring, the HYPE price fell 6.3% intraday, and the BTC/HYPE exchange rate rose by 7% over the past 24 hours; it is currently at 1821. A whale with a heavy long position on Hyperliquid for this exchange rate, using the strategy dubbed “long BTC hedge that outlasts weaker altcoins,” earned a daily profit of $900,000. The address currently holds: BTC long positions (40x leverage): size $31.40 million, average price $70,557; HYPE short positions (5x leverage): size $22.58 million, average price $38.93. The address began deploying positions during the previous major HYPE rally and completed its full position building on March 20, with a total size of over $53 million—possibly betting on an overall market downturn, with HYPE dropping more than BTC. The current combined position has a net unrealized profit of $500,000. Address: 0x939f95036d2e7b6d7419ec072bf9d967352204d2. (Source: ChainCatcher)
BTC-1.83%
HYPE-0.38%
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