COINOTAG News reported on November 25 that a whale deposited 32 million USDC into HyperLiquid as part of a calculated short squeeze in the HYPE market. Deploying a TWAP sweep, the participant targeted the spot market to pressure sizable shorts, approximately 5% from the liquidation price. Within 15 minutes, the entity accumulated about $14.5 million of HYPE, while also opening roughly $7.05 million in short bets in the $34.5-$36 band to entice liquidations.
As buying pressure built, traders opened shorts against the buys, briefly lifting the funding rate to above -800% and generating a spot premium of roughly $0.40. The whale then market sold 100,000 HYPE (about $3.3 million), triggering a swift 4% price drop. The squeezed short position stands at roughly 727,000 HYPE (~$24 million), down from about 2.1 million HYPE (~$67.1 million) previously.
Source: https://en.coinotag.com/breakingnews/whale-squeezes-hype-shorts-with-32m-usdc-into-hyperliquid-as-twap-sweep-triggers-4-price-drop
