HYPE Accumulation Outpaces Alleged Multi-Asset Short Rumors

An alleged $20.5 million short position on Hyperliquid, involving multiple cryptocurrencies including ETH, BTC, SOL, HYPE, DOGE, and FARTCOIN, has been reported. The transaction, purportedly executed by a whale on July 12, aimed to create a "basket" short across various addresses. This activity was initially flagged by LookIntoChain monitoring.

However, current evidence does not support the existence of such a transaction targeting a multi-asset short. Verified on-chain data and official communications indicate that whales have been accumulating large amounts of HYPE, focusing on long positions rather than shorting. There is no on-chain evidence of substantial short positions on Ethereum or other assets within the alleged basket.

Community discussions have primarily centered around HYPE-related trading activities, with no significant comments from major financial figures regarding this unverified transaction. The alleged short position has not been corroborated by any primary sources, and the focus remains on the accumulation of HYPE rather than multi-asset shorting.

Ethereum, priced at $2,951.83, holds a market cap of $356.33 billion and makes up 9.75% of market dominance as of July 12, 2025. Recent trends show a 0.48% increase over 24 hours and a 79.73% rise over 90 days. An anonymous on-chain analyst stated, "no evidence of a short-side liquidity shift or significant outflows for ETH, BTC, SOL, DOGE, or HYPE linked to this alleged multi-asset short."

The rapid gain in HYPE's popularity aligns with a historical shift in the blockchain industry toward token-specific investments over traditional assets like ETH or BTC. This focus on HYPE may bring increased volatility to Hyperliquid, and regulatory responses could alter cryptocurrency trading strategies, particularly if sustained investment shifts occur.