The resilient whale strikes again with HYPE. Will it be able to turn around the account's floating loss this time?

A whale with the nickname “30 Times Long, Repeated Failures and Resilience” made another move today, opening a new HYPE long position on Hyperliquid. This persistent bullish trader with a poor track record used 5x leverage to buy 63,381.45 HYPE tokens (approximately $1.64 million), with an average entry price of $25.87. Currently, the long position is slightly in profit. However, their overall account still shows a floating loss of $171,000, reflecting the challenging situation of their trading history.

The Persistence of the Repeated Failures

From this whale’s nickname, “30 Times Long, Repeated Failures and Resilience,” it is clear that their trading characteristics are well-defined. Despite a poor historical performance, this whale remains bullish and has chosen to invest in HYPE, a relatively new cryptocurrency.

Details of this operation

• Asset: HYPE (Hyperliquid platform token)
• Position size: 63,381.45 HYPE (~$1.64 million)
• Leverage: 5x
• Entry price: $25.87
• Current price: $25.89 (almost no fluctuation from entry)
• Current status: Slight floating profit on the long, but overall account shows a floating loss of $171,000

True portrait of the whale’s account

Although this HYPE long position is slightly in profit, the whale’s total floating loss remains at $171,000. This indicates that losses on other positions far outweigh the gains from the HYPE long, suggesting that their overall strategy still needs adjustment.

Market Background of HYPE

This whale’s chosen asset, HYPE, is a relatively young token. It is important to understand its fundamentals.

Market position and performance

According to the latest data, HYPE ranks 13th in the cryptocurrency market cap list as of July 15, 2024. Its market cap is approximately $879 million, with a 24-hour trading volume of $188 million. In the past 24 hours, HYPE has decreased by 2.54%, but over the past 7 days, it has increased by 4.81%, and over 30 days, it has decreased by 10.11%.

Token supply details

HYPE has a total supply of 962 million tokens, with a circulating supply of 339 million tokens, representing only 35.29% of the total. This means a large portion of tokens are yet to be circulated, which could lead to future supply pressure.

Market Observation

Insights from whale strategies

Recent information shows that there are clear divergences among whales. Some are cutting losses and withdrawing (e.g., a whale who closed a 350 million BTC long position with a $3.6 million stop-loss), while others are increasing their bets. The “repeated failure” whale’s decision to continue going long reflects an optimistic outlook on the market.

Risks and opportunities

This whale’s continued bullish stance may be based on confidence in HYPE’s long-term growth. However, their poor trading record serves as a warning for investors to exercise caution. Operating with 5x leverage inherently carries high risk, especially for traders with a history of poor performance.

Summary

This “repeated failure” whale has once again entered HYPE, demonstrating persistent optimism about the market. However, their overall account floating loss also highlights shortcomings in their strategy execution. As the 13th largest token by market cap, HYPE is still in an early stage, but the fact that only 35% of its tokens are in circulation suggests future supply pressure. Whether this whale can turn their account around through this HYPE trade remains to be seen. For other investors, observing such whales can provide insights, but blindly following is not advisable.