Trader flips from HYPE to 50x-leveraged SP500 short worth about $147 million

A whale trader identified as wallet 0x97f8, also cited in one monitoring update as 0x97f, rotated out of HYPE exposure and into a 50x-leveraged S&P 500 short on Hyperliquid, then fully exited the position for a realized profit of more than $1.565 million. The trader had previously closed a HYPE long at a loss of about $3.22 million, sold 165,391 HYPE spot for a profit of about $1.978 million, and built the SP500 short to 20,000 contracts worth roughly $147 million to $147.6 million at an average price of about $7,428. Earlier monitoring showed the whale had partially reduced the position by closing 7,137 xyz:SP500 contracts worth about $52.45 million for a $561,000 gain while retaining a roughly $94.07 million short. Onchain Lens later reported that the remaining 50x short in HyperLiquid's S&P 500 market was fully closed, ending the high-leverage bearish bet with total realized profit above $1,565,000.