A certain whale with a $49 million position bet on HYPE underperformed BTC, with the combination experiencing a two-way loss of $700,000 during the pullback period

**March 19th — Per data from Coinbob Popular Address Monitor, whale address 0x939 (known for “longing BTC, shorting altcoins amid market drops”) has rebalanced its BTC/HYPE pair hedge:** - Went long on $29.4M worth of BTC at an average entry price of $70,562 - Simultaneously shorted $19.7M worth of HYPE at an average entry price of $39 **But amid today’s market downturn:** - BTC saw a temporary pullback - HYPE declined in tandem but stayed above $40—its retreat was far smaller than BTC’s This pressured both sides of the hedge: the long position’s losses weren’t offset by the short, resulting in a combined loss of ~$700k. **Previously, this address used a similar strategy to reduce positions:** - Longed $50M worth of BTC - Shorted ETH, XRP, ADA, and 8 other tokens That strategy paid off, and its total cycle profit still stands at ~$37.1M.