A significant whale has shorted 375,000 HYPE tokens, valued at $12.1 million, within a 30-minute window, according to mlmonchain monitoring. This short position nearly matches the whale's spot holdings of 400,000 HYPE tokens, which are worth $12.9 million. Of these, 200,000 tokens are currently staked, while the remaining 200,000 are in the process of unstaking.