Gate News reports that on March 19, Coinbob’s hot address monitoring showed that a major whale address (0x939) recently re-established a BTC/HYPE hedge position: going long BTC with $29.4 million at an average price of $70,562; and simultaneously shorting HYPE with $19.7 million at an average price of $39.
However, today the market declined, with BTC experiencing a short-term pullback. Although HYPE also declined, it remained above $40, with a significantly smaller retracement compared to BTC. This movement put pressure on both ends of the hedge, resulting in losses for both sides. The long position suffered losses that were not fully offset by the short, totaling approximately $700,000 in combined losses.
Previously, this address had reduced positions using a similar strategy, going long BTC with about $50 million while shorting ETH, XRP, ADA, and five other tokens. That strategy was successful, and the overall profit for the full cycle remained around $37.1 million.
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