An unidentified entity has accumulated a massive short position of 1,677,529 HYPE, valued at approximately $51.65 million. This substantial position was built over the past few days across 54 different wallets, with an average entry price of approximately $34.21. The position carries a liquidation price estimated near $34.67, just ~12% above market at the time of accumulation, creating a high risk of cascading liquidations. Conversely, on-chain analysis has identified conflicting 'smart money' flows. A prominent whale address (0x7fe8) has flipped bullish, aggressively accumulating spot HYPE. This entity purchased over $6.58 million worth of HYPE recently at an average cost of $31.57, with additional buy orders pending. These aggressive positioning moves coincide with a major scheduled token unlock. Data shows that approximately 9.92 million HYPE tokens, valued at around $316 million (representing 2.66% of supply), are scheduled to unlock this week. The clash between the massive short entity and spot accumulators suggests high volatility expectations surrounding this supply event. [Update 1] New analysis highlights the specific scale of the upcoming unlock: $316M worth of tokens (2.66% of supply) will enter circulation. The market is currently witnessing a battle between a $51M short entity and spot whales like 0x7fe8, indicating divided sentiment on how the unlock will impact price action.