COINOTAG reported on-chain activity on September 9 showing a large whale deposited 2,930 ETH (≈$12.6M) into Hyperliquid and executed a sale of the deposited ETH, according to blockchain records.
Subsequently, on-chain data indicates the same address purchased 209,000 HYPE tokens (≈$11.3M) and simultaneously opened an equivalent short via a perpetual contract, establishing a delta-neutral exposure to the token.
Hours later the trader closed the short, converting the trade to a directional bias, then transferred the HYPE holdings to HyperEVM and provided liquidity on both Kinetiq and Pendle, per the on-chain traces.