Data: A certain whale made large spot purchases of HYPE on HyperLiquid in a short period, aiming to squeeze shorts, causing abnormal funding rates and significant price volatility.
According to ChainCatcher, based on MLM monitoring, a certain whale deposited 32 million USDC into HyperLiquid and used TWAP to sweep spot HYPE, aiming to squeeze large short positions (about 5% away from the liquidation price). Within 15 minutes, the whale bought 14.5 million USD worth of HYPE. At the same time, he placed 7.05 million USD worth of short orders in the $34.5–$36 range, attempting to lure shorts into being squeezed.
Subsequently, traders opened short positions against his buy orders, causing the funding rate to briefly surge above –800% and resulting in a $0.4 spot premium. The whale then market shorted 100,000 HYPE (3.3 million USD), causing the price of HYPE to drop by 4% within seconds.
The squeezed shorts now have only 727,000 HYPE (24 million USD) positions left, down from the previous 2.1 million (67.1 million USD).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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