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Whale Expects Plummet in Popular Altcoin: Took a Heavy Short Position! - Coin Bulletin
A whale opened a million-dollar short position on the Hyperliquid exchange, anticipating that the HYPE Coin price will drop.
According to the data shared by the on-chain analysis platform Spot On Chain, an unidentified whale investor recently deposited 5.1 million dollars worth of USD Coin (USDC) into the decentralized derivatives exchange named Hyperliquid. Immediately after this transaction, the whale made a clear bet that prices would drop by opening a total of 91,267 short positions on HYPE Coin.
The total size of the opened short positions is reported to be approximately 1.71 million dollars, with the positions being in the price range of 18.5 to 18.9 dollars. A short position indicates that the investor believes the price will fall below these levels.
HYPE has attracted attention especially with its increasing popularity and volatility in recent weeks. However, such large short positions can create pressure on the price, and at the same time, it shows that investors should be cautious regarding the market direction.
According to data from CoinGecko, HYPE is trading at $18.29 at the time of writing, rising 2.5% in the last 24 hours.