HYPE trader holds $111M long position with $58M profit

A pseudonymous trader known as ‘watershedpath’ is currently holding a $111 million long position in HYPE, which is reportedly the largest single on-chain long position for the token. According to data from Arkham, the trader has maintained this position for nearly a year, a duration considered unusually long for leveraged perpetual trades in the cryptocurrency industry.

While the trader has an unrealized paper profit of approximately $58 million, they have chosen not to sell the position. Instead, the trader withdrew $18.5 million in margin. This strategy allows the trader to extract liquidity without closing the position, though it increases risk by lowering the margin level required to avoid liquidation during significant price dips.