On-chain data shows that an active crypto trader completed all closing operations of HYPE positions in nearly 10 hours from the evening of the 19th to the early morning of the 20th.

The story didn't start off well — when this trader first initiated the reduction, the long position was valued at $2.82 million, but the unrealized loss had already reached 85%. Over the next several hours, this address continued to sell in the market, operating from night into early morning. By the time of settlement, the total reduced position was worth about $2.41 million, and the remaining $1.187 million position was fully closed, ending the entire process with a loss of $560,000.

Regarding this trader's background, they made quite a bit of money early on in the blue-chip NFT space. But since re-entering the market in October this year, the consecutive sharp drawdowns have been impressive — the account funds shrank dramatically from over a hundred million dollars to the current situation. There will always be someone taking the high positions and someone choosing to exit in time.