A major trader (0x38fd1) took a significant short position on $HYPE, entering at $24.6 with a $4M stake. The position is now unwinding at $25+, crystallizing a 20% loss—totaling over $60k in realized drawdown. What's notable is that the trader remains actively closing out remaining shorts, signaling a likely capitulation given the mounting losses. This kind of large liquidation activity often serves as a market indicator worth monitoring, as institutional-scale position exits can influence short-term price dynamics and trader sentiment on $HYPE. The ongoing closure suggests conviction reversal and potential relief selling pressure.