On-chain HYPE's major long positions are all deeply trapped, with the top holder, suspected of having insider information regarding HYPE's listing, suffering a paper loss of $21.3 million.

All of the top 30 long whales in the current on-chain holdings list have suffered significant losses. The largest long position is still held by the whale "suspected insider of HYPE listing" (0x082e), which currently holds approximately $31.9 million, with an average price of $38.67, a floating loss of $21.3 million (-337%), and a liquidation price of approximately $20.13.