Whale with a Short Position Worth $57.14 Million Liquidates HYPE, Suffers $23.52 Million Loss

BlockBeats News, May 23rd, according to on-chain analyst Yu Jin's monitoring, a whale who was shorting 1.875 million HYPE tokens ($57.14 million) liquidated his position and cut his losses one and a half hours ago, losing $23.52 million (-77%).

He started shorting 1.875 million HYPE with 5x leverage on May 8th at an entry price of $20.4. As HYPE continued to rise, he kept adding to his position, ultimately putting in a total of $30.5 million in margin for this position.

With HYPE still rising today, it was getting close to his liquidation price. Finally, one and a half hours ago, he decided to close his position and cut his losses. After the liquidation, he was left with $6.98 million in remaining value, resulting in a final loss of $23.52 million (-77%).