A crypto whale who previously invested in ENA is now allocating their capital to HYPE, according to blockchain data. Over the past 17 hours, the large ENA staker deposited 8 million USDC into the Hyperliquid platform. The whale takes a long position in HYPE while the token demonstrates an 8% upward movement in today’s trading market.
A whale deposited 8M$USDC into #Hyperliquid to go long on $HYPE in the past 17 hours!
This same whale was among the largest $ENA stakers from April to June 2024 but suffered a $13.01M loss (-43.5%) on the token.
The price of $HYPE is up 8% today. Will this bet on HYPE turn… https://t.co/5mvm3jicbI pic.twitter.com/SCWJhTaq71 — Spot On Chain (@spotonchain) February 14, 2025
From Heavy Losses to a New Bet
This whale investor has many years of experience participating in high-risk cryptocurrency trades. Between April and June 2024, the investor maintained a top position within ENA staking. Their failed investment strategy resulted in $13.01 million worth of losses, which amounted to 43.5% of their original funding. The whale lost money through multiple transactions at Binance that involved withdrawing 23.24 million ENA for $1.29 before selling 19.36 million ENA for $0.73, resulting in a total $10.84 million loss. The remaining 3.88 million ENA holds an unrealized loss of $2.24 million, while all combined assets amount to $13.07 million in losses or -44%.
Switching to HYPE: A Fresh Start?
The investor continues to actively trade after suffering major financial losses. The whale deposited 8 million USDC into Hyperliquid in a move likely to purchase HYPE tokens while the token experienced an 8% upward shift in today’s market. The whale’s actions indicate they believe in future price potential after facing ENA losses.
Will This Move Pay Off?
Due to their significant market power, this whale creates market sentiment that stems from their investing activities. The substantial ownership of HYPE tokens by this investor presents an optimistic impression according to their previous investment behavior patterns. This strong investment strategy causes observers to wonder if it will lessen their ENA market losses, but some believe it may result in another dangerous financial decision.