10 months, 1.38 million HYPE, opened a long at $38.6, now at $80, with $57 million in unrealized profit

I looked at these numbers three times and I didn’t read them wrong. But what shocked me most isn’t how much he made. It’s that he endured nearly $20 million in maximum unrealized losses along the way and still didn’t sell.

$20 million! That’s over 100 million yuan. Unrealized losses, and he didn’t sell. He even kept paying funding fees—$4.98 million, almost $5 million. He handed that over during 10 months without even blinking.

The market was like a roller coaster, while this guy just kept his eyes on HYPE and didn’t move at all. What do you call that? Diamond hands? No, titanium-alloy hands.

Then look at how he traded. After June 16, he withdrew his unrealized profits as margin during each rally, moving his liquidation price up to $53.39. That’s pretty smart. He wasn’t blindly holding; he was using his profits to build himself a safety cushion. For 10 months, he only withdrew margin without closing the position. His direction never changed, and he kept paying the funding fees. That level of discipline isn’t something ordinary people have.

The fact that he opened the position five hours before Robinhood went live—many people say that was insider information. I think... it may indeed have been. But even if there was insider information, being able to hold for 10 months is still a skill. Do you know how many people made money from insider information, then became too greedy and lost it all again? Too many. This guy was able to hold on and dynamically manage the position, which shows he didn’t just have information—he also had discipline.

Now HYPE has hit a new all-time high, and the position is worth $110 million. The biggest short on-chain has probably already been liquidated. In May, the shorts had $35.6 million in unrealized losses. It’s probably even worse now. In this battle, the longs won—and they won decisively.

But why hasn’t he taken profits yet? $57 million, over 400 million yuan. I would have been out long ago. Wouldn’t buying a house and a car be nice? Maybe that’s the difference between me and the whales.

Maybe he thinks farther ahead. Or maybe... he simply doesn’t need that 400 million yuan.