A major KAITO long on Hyperliquid has now been detailed as a nearly $2 million loss after a weeklong slide in the token and a sharp deterioration in derivatives sentiment. Lookonchain said address 0x2be3...8082 closed a 6,065,626 KAITO long on Aug. 10 with a net loss of $1,978,855, or $1,982,938 including about $4,083 in fees, after holding the position for roughly 192 hours and exiting when KAITO traded near $0.6693. The wallet was left with $2,498,827 in USDC and no perpetual position, while CoinGlass data showed KAITO derivatives volume fell 40.76% over 24 hours to $336.92 million, open interest dropped 12.49% to 93.01, and the OI-weighted funding rate turned its most negative of 2026, pointing to deeper bearish positioning and a long squeeze as the token fell 27.93% over seven days to about $0.68028. Earlier monitoring by Ai Yi had identified another large KAITO long, tied to address 0x98c...3bc15, that closed with a $994,000 loss, while separate wallets were seen accumulating KAITO from exchanges.