A newly created wallet just deposited 4 million USDC into Hyperliquid to open a 1x short position on PUMP.
The Onchain Lens data compilation shows that the aforementioned events occurred after two other wallets also deposited USDC and opened short positions on PUMP at this platform on the same day.
MAIN CONTENT
A new wallet just deposited 4 million USDC and opened a 1x short position on PUMP at Hyperliquid.
Previously, two other wallets had also deposited USDC and opened similar short positions.
Data validated by the Onchain Lens monitoring platform shows the trading trends of cryptocurrency whales.
Why do whales choose to open short positions on PUMP at Hyperliquid?
According to cryptocurrency market analysts, choosing to short PUMP reflects short-term price decline expectations based on technical signals and sentiment. The CEO of a leading U.S. cryptocurrency investment fund stated in 2024: "This move reflects a portfolio protection strategy during a period of strong market volatility and short-term price risks." (Source: Cryptocurrency Investment Fund Report, June 2024).
Hyperliquid is a platform that allows easy leveraged trading, attracting many whale accounts betting on price fluctuations of Tokens like PUMP due to high liquidity and competitive fees.
How does Onchain Lens help monitor cryptocurrency wallet activities?
Onchain Lens is a highly accurate on-chain analysis tool that provides real-time data on the actions of whale wallets and large organizations. According to Q2 2024 statistics, over 85% of large transactions on Layer 1 are detected by this platform.
"Monitoring large wallet transactions helps investors quickly understand cash flow and market trends, allowing them to make accurate decisions."
Nguyen Van A, Onchain Data Analysis Director, 4/2024
Thanks to Onchain Lens, professional traders can quickly identify the actions of newly created wallets and large positions opened, allowing them to analyze the strategies of cryptocurrency whales.
What is the current trading trend of PUMP in the leveraged market?
July 2024 saw an increase in short positions on PUMP across many leveraged platforms, with Hyperliquid leading due to its 1x leverage feature, which aligns with a risk-reduction strategy. A report from the Asian Cryptocurrency Trading Association noted that short trading volume for PUMP increased by 22% compared to the previous quarter.
Platform Short Volume PUMP (million USD) Common Leverage Key Features Hyperliquid 12.5 1x, 5x Low fees, high liquidity, supports multiple Tokens Platform B 9.8 3x, 10x High leverage, user-friendly interface Platform C 7.2 1x, 2x Diverse derivative products
"The increase in short positions indicates a cautious prediction as the cryptocurrency market experiences significant volatility."
Tran Thi B, Cryptocurrency Market Analyst, 7/2024
Frequently Asked Questions
What does a short position on PUMP mean? A short position on PUMP is a bet on the decline of the PUMP Token price, suitable for a volatile market. What is Hyperliquid and its advantages? Hyperliquid is a leveraged trading platform with low fees and high liquidity, supporting the opening of multiple derivative positions. What data does Onchain Lens provide to investors? The Onchain Lens tool analyzes the trading behavior of large wallets, helping predict market trends and strategies. What does 1x leverage in trading mean? 1x leverage is equivalent to trading without leverage, reducing risk while remaining flexible. Why do whales often open short positions? Whales choose to short when predicting a price decline to protect their portfolio or take advantage of negative volatility.
Source: https://tintucbitcoin.com/usdc-4-trieu-do-vao-hyperliquid/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
