HYPE's largest long position whale's unrealized gains shrink! Average price $38.6, position size still reaches $54.6 million!

【Unrealized gains retracting nearly $3.5 million! HYPE's largest long position is still holding on, should we follow this position?】

Brothers, keep an eye on HYPE! This morning the price fell below $40, the largest on-chain long address — that whale 'suspected of insider information on HYPE's listing', saw unrealized gains sharply narrow from $4.6 million to $1.16 million!

Currently, he is still holding, average price $38.6, size $54.6 million, with no reduction in position.

My interpretation and operational thoughts:

1️⃣ This address being called 'insider trading' is not without reason. Precise building of positions before and after the listing, significant cost advantage. Now that unrealized gains are significantly retracting but he is still not selling, it indicates that his target price is far beyond $40. If it were an average retail investor, they would have run away with $4.6 million profit, but his choice to hold indicates longer-term expectations.

2️⃣ But also pay attention to risks. His cost is at $38.6, if the price continues to fall below his cost line, this $54.6 million position will turn from unrealized gains to unrealized losses, which may trigger a panic sell-off.

3️⃣ In terms of operations, I choose to place some spot buy orders in the $38-$39 range. If the whale can maintain the cost zone, it indicates strong support, and I will follow up; if it breaks below $38 and the whale starts to reduce positions, then it needs to be reassessed.

4️⃣ Those in contracts should be cautious! This position has intense long and short battles, and once the funding rate turns negative, the cost of holding long positions will be very high. I will only participate with spot or low leverage.

Brothers, it’s okay to follow the 'insider trading', but don’t stand guard for him. His cost is $38.6, our cost needs to be lower for safety.

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