ambcrypto.com 
A whale shorts bet amid ongoing market uncertainty has raised questions about whether something significant is coming for the broader financial market.
Data from the derivatives platform CoinGlass reveals that a whale wallet address (0x8def9f5) has opened short positions worth $72.32 million across multiple markets, including crypto and tech stocks such as Bitcoin, Hyperliquid, TSLA, and NVDA, among others.
The report shows that this whale is heavily positioned in crypto, with $47.78 million in Hyperliquid, $12.37 million in Bitcoin, and $73.41K in Toncoin.
Source: CoinGlass
Whale’s strong conviction in $HYPE short bet
In addition to these crypto bets, especially in Hyperliquid, another whale appears to have followed the same trend, as disclosed by crypto transaction tracker Onchain Lens.
A post on X revealed that a whale shorted a significant 338,084 $HYPE tokens worth $13.40 million at an average price level of $39.65.
Source: X/Onchain Lens
Looking at these massive short bets around $HYPE, the question now is, what’s next for the asset?
According to TradingView, $HYPE’s daily chart shows that the asset has lost support from both an ascending trendline and the horizontal $40 level, which it had been holding since the 10th of April.
In fact, $HYPE’s price has not only broken below these key support levels but has also closed a daily candle under $40.
Source: TradingView
Based on the current price action, if the momentum continues and $HYPE remains below the $40 level, there is strong potential for the asset to extend its downward move and decline another 8.50% toward its next support at $35.
However, this bearish outlook could be invalidated if the price reclaims and holds above the $40 level.
Whale short bets generate $43.61 million profit
Apart from these crypto positions, the whale’s $72.32 million short positions also include a $7.11 million bet in SanDik (SNDK), NVDA worth $525.79k, TSLA worth $462.12k, Cerebras Systems (CBRS) worth $582.74k, and XYZ100 worth $755.80k.
In fact, the whale has shorted the market and currently holds a massive long position in PAX Gold worth $1.76 million. So far, the whale has generated an unrealized profit of over $43.61 million across all these bets.
Source: CoinGlass
The potential reason behind these significant $72.32 million short bets appears to be the broader market sentiment, which remains quite bearish due to ongoing geopolitical tensions in West Asia, the Consumer Price Index (CPI) rising to 3.80%, and a sharp decline in global oil reserves.
These massive bets now seem to further strengthen the bearish outlook.
Final Summary
- A crypto whale opened short positions worth $72.32 million across crypto and tech stocks and has so far generated an unrealized profit of over $43.61 million.
- The whale’s largest bet is against Hyperliquid, with a massive $47.78 million short position in $HYPE.
