Whale Sells 900K HYPE at $1.8M Loss, Opens 15x Leveraged ETH Long
On-chain analytics show a single address sold 900,000 HYPE tokens bought 10 days ago at $45.50 each (total cost $40.26M). Between last night and this morning the whale liquidated the entire HYPE position at approximately $43.50, converting to $39.26M and realizing a $1.8M loss. Proceeds were redeployed into a 15x leveraged long on Ethereum: the whale opened a 51,691 ETH position (valued at $229M) at an entry price of $4,630, with a liquidation price of $4,076. The ETH long is now showing an unrealized loss of about $10M. This sequence highlights significant whale-driven HYPE selling pressure and high-risk leveraged ETH exposure amid recent market volatility.
Bearish
A large-scale HYPE token sell-off at a loss by a whale typically signals declining confidence and adds immediate downward pressure on price. Redeploying proceeds into a highly leveraged ETH long that is also underwater increases market risk, potentially triggering further sell-offs if liquidation levels are approached. Historically, whale-driven sell events in altcoins often precede short-term price dips, while heavy leverage can amplify volatility. Traders may reduce exposure or tighten stops, reinforcing a bearish sentiment in both HYPE and broader crypto markets.