Hedging whales are placing time-based sell orders, offloading 63k HYPE spot tokens, while still holding a $25 million open short position in futures contracts.

Crypto News: On April 16, according to Hyperinsight monitoring, the hedge whale “HYPE’s largest short” on Hyperliquid started selling its spot positions today. The address sold approximately $28 million worth of HYPE spot holdings through nine TWAP (Time-Weighted Average Price) orders, totaling 63k HYPE tokens, worth about $2.86 million. Currently, more than half of the orders have been executed. Meanwhile, the whale still holds a 5x leveraged HYPE short position, totaling $25 million, with an average price of $38.93, currently showing an unrealized loss of $3.54 million (-70%), making it the largest HYPE short holder on the platform. Typically, the strategy of hedging spot holdings with short positions involves closing part of the shorts when selling the spot to lock in profits. However, this whale has not made any adjustments to its HYPE short positions, possibly betting on a short-term pullback in HYPE’s price to offset the paper losses on the shorts.