Gate News message. April 10. On-chain data shows that a whale address that has long bet on “BTC being more resilient than altcoins” has recently deployed large-scale hedging positions. The address currently holds a BTC long position worth $30.4 million (40x leverage) and a HYPE short position worth $23.2 million (5x leverage), for a total size of about $53 million.
However, as BTC has held steady recently, HYPE has continued to strengthen. Today it broke above $40, with a gain of more than 5% intraday, causing both sides of this pair to come under pressure at the same time; intraday funds have pulled back by $900k. The whale began building positions during HYPE’s previous round of sharp gains and completed its full deployment on March 20. Since establishing the position, its net loss is about $300k, and it has not yet realized a positive return.
Previously, the address used a similar strategy to go long BTC while shorting ETH, XRP, ADA, and other 8 coins, with a total size of about $50 million, and a profit of about $37.1 million over the full cycle.
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