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Ansem, a well-known figure in the cryptocurrency market, has offered a noteworthy assessment of the decentralized derivatives exchange Hyperliquid ($HYPE).
Ansem stated that Hyperliquid’s current circulating market capitalization is similar to Solana’s market capitalization when it was trading at around $20 in October 2023.
According to Ansem, Solana surged from $20 to $200 in less than six months following that period. Today, the $HYPE price has reached an all-time high, but considering the recent wave of FOMO (Fear of Missing Out), cryptocurrency followers should exercise extra caution regarding this altcoin.
On the other hand, on-chain data revealed noteworthy information regarding “loracle.hl,” one of the largest short position holders in the $HYPE market. According to the statement, the investor’s short position on $HYPE is not simply a short position, but rather a hedge against approximately 2.1 million $HYPE tokens held. The total value of these assets is estimated to be around $127 million.
However, it was reported that after the $HYPE price reached new highs, investors also started selling their spot assets. According to the data, loracle.hl transferred 557,000 $HYPE tokens from the HyperEVM chain to the Hyperliquid network approximately 20 minutes ago. It was stated that these tokens, worth approximately $33.35 million, have entered the selling process.
*This is not investment advice.