A major whale incurred a $3.22 million loss closing its long position in HYPE, then opened a 50x-leveraged short position on the S&P 500.

TechFlow News, June 09: According to on-chain analyst Onchain Lens (@OnchainLens), the whale address 0x97f closed its long position in HYPE, incurring a loss of $3.22 million; it then sold 165,391 HYPE tokens in the spot market, realizing a profit of $1.978 million. Subsequently, the whale opened a short position of 15,000 SP500 contracts with 50x leverage, with a position value of approximately $111.38 million and a liquidation price of $8,295.66.