MarketPR
On-chain data flagged by Lookonchain shows wallet 0x97f8 building a 50x leveraged S&P 500 short on Hyperliquid, scaling the position from an initial $111.6 million to $147.6 million as stocks and crypto weakened in tandem.
The whale held 15,001 xyz:SP500 contracts at the time of the report and was already sitting on $977,000 in unrealized gains.
The trade surfaced as CME FedWatch placed 98.2% odds on a Federal Reserve rate pause and total crypto market capitalization retreated to approximately $2.14 trillion.
Position Build: $111.6M Entry, $147.6M Expansion Lookonchain, the on-chain analytics account, flagged the trade in an X post, identifying the address as 0x97f8.
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