A Whale Lost $26 Million on an Altcoin but Didn’t Give Up: Now Has a $8.5 Million Profit

One of the notable transactions in the cryptocurrency market has come back into the spotlight with a large whale’s position in the HYPE token.

According to data from the on-chain analytics platform Ember, the investor, who had previously faced millions of dollars in losses, has returned to profitability thanks to the price recovery.

The investor in question opened a long position of 1.38 million HYPE tokens in November, near its peak levels, at an average price of approximately $38.6. This transaction reached a size of approximately $62.13 million at the time. However, with the sharp market pullback, the price of HYPE fell to $20.5 by the end of January, resulting in an unrealized loss of approximately $26 million for the investor.

Related News: Is a “Supply Crisis” Coming for Bitcoin? “Unprecedented Price Levels...”

The recent strong recovery, however, reversed the trend. With the HYPE price rising by 120% from its low point to around $45, the investor’s position first reached the break-even point and then went into profit. Currently, the investor is reported to have earned approximately $8.5 million in unrealized profit.

*This is not investment advice.

Continue Reading: A Whale Lost $26 Million on an Altcoin but Didn’t Give Up: Now Has a $8.5 Million Profit