Market Downturn Triggers Massive Sell-Off
According to on-chain analyst Embers, an address spent 41.32 million USDC yesterday to purchase 1.243 million HYPE tokens at an average price of $33.2. However, the token's price dropped today amid a broader market decline, prompting the address to begin selling at $28.8.
Substantial Losses from Poor Timing
If the address completes the sell-off, it is estimated to incur a loss of around $5.5 million. This incident serves as a reminder to investors about the risks of market volatility and the dangers of chasing highs without caution.