According to BlockBeats, on September 14th, TradingBeats monitoring revealed that Smart Money TestingThingsOut recently placed HYPE and ZEC on one end of its trading range, while BTC and ETH were on the other. The former two combined held approximately $20.894 million in long positions, and the latter two combined held approximately $20.906 million in short positions. The nominal size of the long and short positions was almost equal, totaling over $40 million.
The account position shows a logic biased towards relative strength trading, using short positions in BTC and ETH to hedge against market volatility, and betting that HYPE and ZEC, which have performed well recently, will continue to outperform.
This round of position building began on the evening of September 11th. TestingThingsOut bought 170,200 HYPE tokens, opening a position of approximately $14.005 million; ZEC saw a net long position of 6,500 tokens. Simultaneously, 140 BTC were newly established as short positions, and the ETH short position was expanded to 4,000 tokens.
As of press time, the four positions are as follows:
- HYPE long position: valued at approximately $13.631 million, with a floating loss of approximately $374,000;
- ZEC long position: valued at approximately $7.263 million, with a floating loss of approximately $415,000;
- BTC short position: valued at approximately $10.857 million, with a floating profit of approximately $109,000;
- ETH short position: valued at approximately $10.049 million, with a floating profit of approximately $142,000.
The four positions totaled approximately $41.8 million, with a net unrealized loss of approximately $538,000. This bet has not yet been cashed out. Starting from around the evening of September 11th, BTC appreciated by approximately 0.57% relative to HYPE; during the same period, BTC appreciated by approximately 0.41% relative to ZEC.
If we calculate from the end of the position building in the early morning of September 12, the HYPE/BTC price ratio fell by about 0.80%, and the ZEC/BTC price ratio fell by about 3.44%, with ZEC showing a more obvious relative weakness.
In addition, its Polymarket-linked address still holds approximately 9,500 "HYPE fell to $20 this year" No., with an implied probability of approximately 95.5% for this No., and no new transactions have been added in the past three days.