Hyperliquid Native Token HYPE Surges 13% to All-Time Highs After Whale Closed $1B Bitcoin Short

Hyperliquid native token HYPE has surged 13% on May 26, hitting $39.9, an all-time high, as momentum turned

Hyperliquid (HYPE) native token price surged 13% to reach a new all-time high of $39.9 as momentum turned sharply bullish.

The surge followed after a whale closed $1 billion worth of Bitcoin short positions built with 40x leverage, following a $15.87 million loss in just 15 hours, according to LookOnChain data.

The token is currently trading at $38.59, marking an impressive 11% increase over the past 24 hours.

Hyperliquid Reaches New All-Time Highs Againa�� Open interest: $10.1B

a�� 24h fees: $5.6M

a�� USDC TVL: $3.5BWelcome to all new members of the ecosystem.

— Hyperliquid (@HyperliquidX) May 26, 2024Attention Intensifies As Whales Place Billion-Dollar Positions On Hyperliquid

Last week, prominent crypto trader James Wynn closed a massive $1.25 billion notional long position on Bitcoin using 40x leverage on the onchain decentralized exchange (DEX) Hyperliquid.

He then flipped bearish on Bitcoin. On Sunday, Wynn opened a BTC short position of 1,038.7 Bitcoin (BTC) at $107,711.1, with a liquidation price of $149,100.

Top trader closed $1B worth of short positions 2 hours ago, losing~ $15.87M in just 15 hours. — Lookonchain (@lookonchain) May 26, 2024

Attention traders! Preferential rates are available on Monday for limited spots. Apply for a lower rate HERE: https://t.me/hype_rates

The trader, who is followed by over 100,000 users on X, previously stated that he would be closing out his positions on Monday.

With whales like Wynn placing billion-dollar positions on Hyperliquid, attention around the protocol has intensified. Traders are betting that early regulatory engagement could further legitimize HYPE’s uptrend.

One trader wrote on X that the “growth has reached the ceiling,” adding that there are strong competitors.

“Although there are many giants and extraordinary people supporting Hype, I think that the best short-selling target with large capacity, good liquidity and clearest logic may be Hype.”

Hype做空的时刻还没到。但是快到了。Hype现在回购多少？一天按5M算，一年肯定1B不到，因为有熊市和周期存在。

目前5M收入已经是巅峰时刻。增长肯定有限了。

还有二期空投释放和团队解锁。按FDV来算，37B的价格，哥们，全流通的话PE 接近40了，目前流通也PE13，不算贵。— 风无向🎒 (@0x0xFeng) May 26, 2024

Further, James Wynn withdrew 28M USDC from Hyperliquid, with a $25.2M profit. Also on Monday, he made 38 trades on Hyperliquid in the past 75 days. Of these trades, 17 were profitable with a 45% win rate, the post read.

HyperFND X Account Breached

Meanwhile, Hyperliquid reported that HyperFND’s official X account was compromised on Saturday.

“The Hyperliquid blockchain is unaffected. Do not interact with any links or tweets from that account,” the protocol posted on X.

HyperFND twitter account was compromised. The Hyperliquid blockchain is unaffected. Do not interact with any links or tweets from that account.— Hyperliquid (@HyperliquidX) May 25, 2024

Per the latest update on Monday, Hyperliquid said that the team conducted a “thorough investigation” with assistance from X’s security.

“There was no compromise of internal systems, email, or associated credentials,” the update read. “Hardware 2FA was untouched.”

The community was urged to stay vigilant and verify any news shared on social media accounts. “If an announcement looks suspicious, do not interact,” the team cautioned.