The largest long whale in the HYPE lifted an average price of $38 for five months, with a $51 million position that may soon be liquidated.

March 12 — Per HyperInsight Monitoring, HYPE’s price continued climbing this morning, breaking above $37. The largest HYPE long position holder—a whale suspected of having insider information on HYPE’s listing—is again approaching its liquidation threshold. Its current holdings total $51.5 million, with an average entry price of $38.67. Unrealized losses have narrowed to $2 million (-19%), while its liquidation price stands at $27.55. Funding rate settlement losses to date total $1.65 million. With the position nearing breakeven, the address withdrew ~$4.5 million in deposited margin this morning. This move passively lifted its liquidation price from a lower level to $27.5. For long positions, withdrawing margin either signals an active push to raise the liquidation threshold or confidence that HYPE won’t drop below $28. The whale has held the position for nearly five months: On Oct. 23 last year—on the eve of HYPE’s Robinhood listing—it ramped up its long position significantly. When HYPE surged to nearly $50 in early February, it could have locked in substantial profits but chose to hold on. Since then, as prices fell below its cost basis, it continued rolling over and adding to the position at $29. Unrealized losses once neared $26 million, with a low liquidation price of $20.1. In mid-to-late January this year, the position was just 0.37% away from its liquidation line—its closest brush with liquidation.