Hype Token Sees Major Short Position as Price Fluctuates
Hype, the native token of layer-1 blockchain Hyperliquid, has seen significant activity and price fluctuations. On October 3, a top trader increased their short position to $316.83K on the stock market today, while the global crypto economy grew by over 10%.
Hype is currently trading 15.9% below its all-time high but a staggering 1,209% above its all-time low. As of October 3, it showed a weekly price variation of +20.50%, outpacing the crypto market's +10.30%. Daily trading volume reached around 634 million, with an 8.4% increase in the last day.
The investor who opened the short position of 316.83K $HYPE has an average entry price of $49.68. This user would be liquidated at $2,665.38, indicating extreme leverage or unusual market conditions. The last operation was a short of $15.28K at $49.90 on TradingView. While the trader's identity is not explicitly confirmed, Arthur Hayes, known for large $HYPE transactions, is associated with this period.
Hype's recent performance and increased trading activity suggest a dynamic market. The large short position opened on October 3 could indicate a bet against the short-term bullish momentum of $HYPE. As the global crypto economy expands, investors continue to monitor Hype's progress closely.
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