A Hyperliquid whale closed a HYPE long on June 4 after the token’s afternoon pullback, locking in an about $1.52 million loss after the position had previously reached $18.42 million. Hyperinsight said the same trader then opened a new 40x leveraged long on 330.2 BTC worth about $20.80 million at an average entry of $63,303. The position faced liquidation at $62,455, putting the threshold less than $500, or 0.7%, below entry. The sequence highlights how quickly large leveraged positions can swing from token-specific losses into tightly margined directional Bitcoin bets on Hyperliquid.