Trader "watershedpath" is holding the largest single on-chain long position in HYPE, with $111 million in exposure and an unrealized profit of $58 million. The position has been open for nearly a year, underscoring a high-conviction bet on the token. Over the past week, the trader withdrew $18.5 million in margin instead of closing the position, pushing the liquidation price up to $65. Based on the disclosed figures, the position would still remain profitable even if it were liquidated at that level.