Even whales are starting to back down and cut their positions. This HYPE’s short play is all about heart-stopping suspense: getting in at a 57.8 average price and holding on through a floating loss of $2 million. The liquidation line at 99.28 looks far away, but in reality it’s only about a 50% upside move. On-chain transparency really exposes the big players down to their underwear.

CoinWorld News, Abraxas Capital's main address recently reduced its short position in HYPE by 828.23 tokens, which is approximately 2.02 million USD at the current token price. The address's total holdings amount to 18,490,660.41 USD, with an average price of 57.80 USD, and a current profit and loss of -2,107,624.24 USD. The current token price is 65.23 USD, and the liquidation price is 99.28 USD. Since May, this address has been establishing large short positions, previously being the whale with the largest contract funds in HyperLiquid. Since November, it has been continuously taking profits, with the position size once reaching 920 million USD.