#2026年比特币价格展望 Recently, I noticed an interesting on-chain trading case— a top trader closed a long position on HYPE, incurring a loss of $450,000, then immediately re-entered with 10x leverage to buy 21,888.88 HYPE tokens, with an unrealized loss of $1,300. What is the logic behind this contrasting operation?

From on-chain data, the previous close was indeed a stop-loss action, revealing the big player's risk-averse mindset amid market uncertainty. But the immediate switch to HYPE indicates a new judgment on the ecosystem's potential. Recently, HYPE's on-chain trading volume has surged significantly, combined with the influx of funds from ETF approval, suggesting a layout for a potential oversold rebound.

Interestingly, his other positions reveal the dual-edged nature of high leverage— a 25x ETH long with an unrealized loss of $150,000, and a 10x ZEC long with an unrealized loss of $8,000. In such a loss environment, his insistence on adding to HYPE reflects that market participants are adjusting strategies, shifting from mainstream coins to small-cap tokens.

The post-ETF approval emotional split is a fact; smart money is quietly changing direction. This case reminds us: high leverage is indeed risky in volatile markets, but understanding the logic of on-chain data is even more crucial—sometimes, what seems like a "cutting losses" decision may actually be a deeper position adjustment. $BTC $ETH $HYPE