A trader exited long positions in HYPE, ZEC, and ETH, locking in a combined $4.6 million in profits. HYPE is the token for Hyperliquid, and ZEC is the ticker for Zcash. After banking these gains, the trader opened a 990 BTC short on Hyperliquid worth about $74.84 million at entry. The short had already accumulated about $783,000 in unrealized profit when it was reported, indicating bitcoin continued moving in the short’s favor after the position was placed. The shift aligns with broader smart-money signals suggesting bitcoin’s near-term downside may not be finished. Market conditions include heavy long liquidations and sustained U.S. spot bitcoin ETF outflows.
"The move came after a strong run for both assets, with Bitcoin.com News recently reporting that Hyperliquid wiped out $36.5 million in short positions as HYPE climbed within cents of its all-time high. Another investigation revealed that Evaded had banked $7.5 million this week across ZEC and HYPE long trades (all within a period of 96 hours)."
"After banking those gains, the trader proceeded to open a 990 BTC short position on Hyperliquid, valued at approximately $74.84 million at entry. The position was already generating $783,000 in unrealized profit at the time Lookonchain flagged it, a sign that bitcoin's price continued moving in the trade's direction after the short was placed."
"The size of the short rules out any casual retail interpretation since a $74.84 million directional short on bitcoin represents a high-conviction bet, and Evaded is a closely followed onchain account whose trades regularly draw attention from other market participants."
"Bitcoin's price has been under considerable pressure, hovering below $75,00 as $209 million in long liquidations hit the market in a single session. The broader data picture supports this bearish tilt as spot bitcoin exchange-traded funds (ETFs) in the U.S. have now logged six consecutive days of outflows totaling over $1.26 billion."
Read at news.bitcoin.com
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