A major whale closed its long position in HYPE at a loss of $3.22 million, then sold HYPE spot for a profit of $1.98 million before opening a short position in S&P 500.

CoinFeed reported on June 9th that, according to Onchain Lens monitoring, whale "0x97f" closed out its long position in HYPE, incurring a loss of $3.22 million. It then sold 165,391 HYPE tokens in the spot market, making a profit of $1.978 million. Afterwards, it opened a short position of 15,000 S&P 500 contracts with 50x leverage, valued at $111.38 million, with a liquidation price of $8,295.66.