Whale’s Short Position Sparks HYPE Market Volatility

A prominent cryptocurrency whale recently initiated a significant trading event, triggering substantial volatility in the HYPE token. This whale deposited $4 million USDC onto the Hyperliquid platform, simultaneously employing 3x leverage for shorting HYPE and placing a corresponding $2.5 million TWAP order to purchase HYPE at spot price. These actions were detected by Onchain Lens, highlighting their direct impact on market liquidity.