Whale's Strategic Volatility Move: 10x HYPE Long Position, 3x ASTER Short Position

title1 [ 1 ], title2 [ 2 ], title3 [ 3 ], title4 [ 4 ] There has been a notable change in trading approach on Hyperliquid, as a prominent trader has simultaneously established a 10x leveraged long position on HYPE and taken a 3x leveraged short on ASTER. The $2 million long on HYPE reflects a shift away from recent negative sentiment, with HYPE trading close to $38—a price point that could trigger a breakout. This strategy stands in contrast to previous major short positions on HYPE, such as a separate participant’s $16 million 3x leveraged short title2 [ 2 ]. The concurrent long and short positions may indicate a deliberate effort to hedge or take advantage of price swings between these two assets.

Recent moves by Wintermute have added further complexity. The company transferred $8.3 million in

from to Hyperliquid, an action that some analysts interpret as a sign of rising involvement in the market title1 [ 1 ]. Although Wintermute does not currently hold HYPE in its main holdings, past records show the firm has sold HYPE tokens from the same wallet in earlier cycles. This pattern matches a broader trend of institutional investors testing Hyperliquid’s liquidity, where open interest in HYPE has stabilized at $1.6 billion and long positions now make up 65% of activity title1 [ 1 ].

The whale’s timing for taking a long position on HYPE is particularly significant. Following a consolidation phase, HYPE is trading within $7 of its recent $45 high, with the long/short ratio on Hyperliquid skewed heavily toward longs, surpassing other platforms title1 [ 1 ]. This unevenness has led to speculation about a possible short squeeze, especially as limit orders above $50 have dwindled, easing a major resistance barrier. Experts point out that HYPE’s fee-burning protocol and Hyperliquid’s daily $2 million in trading fees could add further support to the breakout scenario title1 [ 1 ].

On the other hand, the 3x short position on ASTER highlights a bearish perspective on that token. While the specifics of ASTER’s market environment were not detailed, the simultaneous shorting of ASTER and longing of HYPE hints at a deliberate shift toward HYPE as the higher-conviction trade. This dual approach follows a growing market pattern where traders favor assets with robust on-chain metrics and active fee generation title1 [ 1 ].

Market watchers remain cautiously optimistic about HYPE’s outlook. Its closeness to the $45 peak, combined with aggressive leverage from major players, has led to bullish projections. Some believe HYPE could climb as high as $100 if additional large-scale buying occurs title1 [ 1 ]. Nonetheless, there are still risks, such as vulnerability to market manipulation due to the concentration of HYPE on Hyperliquid, and the potential for volatile price moves from short covering. Hyperliquid’s design as a perpetual DEX with a native, fee-sharing token adds complexity, as price shifts may trigger varied responses from liquidity providers and traders title1 [ 1 ].