Price Prediction
Hyperliquid Whale Hedging Strategy
One Hyperliquid wallet, which bought 5.76 million NEAR at $2.35 in September, now holds approximately $20.55 million in unrealized profit from NEAR's price increase to around $5.82. The same wallet is also shorting major cryptocurrencies such as BTC, ETH, SOL, XRP, BNB, ADA, and AVAX. The wallet's strategy involves riding the pump of NEAR and then shorting other major cryptocurrencies in case of a price drop. The wallet's shorts are currently $1.33 million underwater, with AVAX down by about $623,000, ADA by $327,000, and SOL by $207,000. The BTC short was opened at $79,550, so every grind toward $84,000 is paying the house. The wallet's strategy is seen as a hedge against potential losses from the shorts, as the wallet's position is leveraged 10x with $34 million in capital. The wallet's strategy is viewed as risky, as a 10% NEAR pullback could erase $3.4 million in profit, and liquidation sits near $1.33, roughly 77% below the current price. Analysts warn that NEAR's RSI has already pushed into the 70-80 overbought zone, and ETF money is expected to leave as fast as it arrives, potentially leading to a price drop for NEAR.