Two HYPE whales line up $42.2 million in short orders

ME News reported that on Aug. 25 (UTC+8), data from TradingBeats (formerly Hyperinsight) showed two large HYPE holders placed 509 non-"reduce-only" sell orders earlier in the day. The outstanding sell volume totals about 449,500 HYPE, implying notional value of roughly $42.226 million at a weighted average price of $93.94. The two batches of orders were created less than two minutes apart, though there is currently no on-chain data linking the two addresses. One address beginning with 0x4e23, previously tracked as a "major U.S. stock winner," held 152,800 HYPE long positions yesterday and has since fully closed the position for profit. Earlier today, the same address placed 24 new sell orders within one minute, seeking to short 327,300 HYPE priced between $90.385 and $104.68. The orders carry notional value of about $31.5 million, with a weighted average price of $96.25. Another address beginning with 0xf02d is currently short 391,100 HYPE, worth about $31.29 million. Its average entry price is $75.92, with an unrealized loss of roughly $1.598 million. Today, the address added 485 more short orders between $80.409 and $99, aiming to increase the short by 122,200 HYPE for notional value of about $10.726 million. The lowest order tier sits around 0.5% below the current price, and some orders have already started to fill. (Source: BlockBeats)