Bitcoin's Performance Outpaces HYPE in Recent Whale Strategy

On March 30, a significant whale investor, identified as 0x939, has maintained a strategic position in the BTC/HYPE exchange rate hedge, according to BlockBeats. The investor has taken a long position on Bitcoin with a scale of $28.5 million at an average price of $70,557, while simultaneously shorting HYPE with a $19.38 million position at an average price of $39. Bitcoin has continued its upward trajectory today, whereas HYPE initially rose but then fell below $38, marking a 4.5% decline over the past 24 hours. The combined long and short positions have resulted in a profit exceeding $1.28 million in the last 24 hours, temporarily validating the strategy of betting on Bitcoin outperforming HYPE. Previously, this address employed a similar strategy by reducing positions, going long on Bitcoin with approximately $50 million while shorting ETH, XRP, ADA, and six other cryptocurrencies. This approach proved successful, with total cycle profits remaining around $37.1 million.