What to Know:
- A whale shorted ASTER, XPL, and APEX with $7M and 3× leverage, while staking $45K worth of HYPE.
- HYPE fell 8% after an NFT hack and looming $410M monthly token unlocks.
- ASTER slid 7.5% as traders worry about $600M supply unlock and inflated volumes.
A powerful whale just shook up the HyperLiquid markets. According to Onchain Lens data, the entity deposited $7 million in USDC into HyperLiquid and opened short positions on XPL, ASTER, and APEX, all with 3× leverage. The whale didn’t stop there; it also staked 1,000 HYPE tokens worth about $45,000 on the platform. This move has turned heads, especially because ASTER and HyperLiquid have been locked in a fierce rivalry recently.
Whale Goes Short on Multiple Tokens
The whale’s shorting spree happens when things are more unstable. Over time, it slowly added to its short positions, which looks like planned betting instead of just one impulsive move. Even though you’re shorting other assets, staking HYPE adds an interesting twist. It could be a sign of long-term confidence in HyperLiquid itself while betting against certain tokens.
This kind of shorting of multiple tokens by big investors shows how speculative behavior can spread through DeFi ecosystems.
HYPE Weakness & NFT Drama
While this whale turned bearish on ASTER and others, HyperLiquid’s native token, HYPE, hasn’t had a smooth ride either. Over the past 24 hours, HYPE fell 8.07% to about $43.68, lagging behind the broader crypto market.
The drop follows a burst of gains tied to the new Hypurr NFT launch. The NFT campaign got a lot of attention and business, but security problems ruined it. Eight Hypurr NFTs worth about $400,000 were stolen after wallets were hacked, which raised concerns about trust.
Some of the HYPE selloff is also because people are taking profits after the NFTs got a lot of attention. Investors might be careful about holding too much HYPE through volatility because big token unlocks are coming up. The platform said that $410 million in HYPE would be unlocked every month starting November 29. This could make things worse.
ASTER Under Pressure
HYPE’s rival ASTER has also slipped 7.5% in 24 hours, amid profit-taking, airdrop uncertainty, and concerns about competition from rival DEXs. One major worry is a potential 4% supply unlock about $600 million scheduled by October 5. If holders don’t receive clear vesting terms, that could push more selling pressure. Also, while ASTER has hit record daily trading volumes, skeptics argue much of that might be incentivized wash trading rather than organic demand. In other words, ASTER is showing signs of fatigue, making it a prime candidate for short bets.
Risks & What to Watch
When you put up a big short with leverage, there is always a risk. If one of these tokens goes up a lot, the whale might have to pay a lot to get rid of it. The first thing we’ll look at in the future is how the prices of ASTER, XPL, and APEX change over the next few hours and days.
Whales can change market prices in small ways when they move large amounts of money like this. The whale can scare smaller traders into selling by opening big short positions. This lowers prices, which is good for the short. In the same way, staking HYPE tokens while shorting other assets could be a way to show confidence in one token while putting pressure on others.
What’s Next?
The next important thing to look at is the whale’s HYPE staking behavior. If the 1,000 tokens stay locked or are pulled back, it could show how confident people are in HyperLiquid’s long-term value. At the same time, the upcoming token unlocks for both ASTER and HYPE will be a big deal, especially if the vesting details are still unclear. It will also be very important for the teams behind Aster, HyperLiquid, or APEX to talk to investors directly or take steps to calm their nerves and stabilize their feelings.
This whale’s risky move shows that big investors are trying out bets on a lot of different tokens in the HyperLiquid ecosystem. This is a very interesting time to watch because of the way short positions, NFT launches, token unlocks, and competition between platforms all work together.
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