A whale holding 49 million shares of HYPE underperformed BTC, incurring a loss of $700,000 in both directions during the pullback.

According to Mars Finance, on March 19th, Coinbob's monitoring of popular addresses showed that the whale(0x939), known for its "BTC long, altcoins more resilient to price drops" strategy, recently re-established a BTC/HYPE currency hedging portfolio: a $29.4 million long in BTC at an average price of $70,562, and a $19.7 million short position in HYPE at an average price of $39. However, the market declined today, with BTC briefly falling. While HYPE also declined, it remained above $40, with a significantly smaller pullback than BTC. This movement put pressure on both sides of the hedging portfolio, and the losses on the long position were not offset by the short position, resulting in a total loss of approximately $700,000. This address had previously reduced its position using a similar strategy, long on BTC and short eight other cryptocurrencies including ETH, XRP, and ADA with approximately $50 million. At that time, the strategy was effective, with the overall profit remaining around $37.1 million.