[A Whale's HYPE Spot Trading on HyperLiquid Triggers Intense Market Volatility] On November 25, a whale deposited $32 million USDC into HyperLiquid and used TWAP to purchase $14.5 million worth of HYPE spot, attempting to squeeze large short positions that were approximately 5% away from the liquidation price. The whale then placed $7.05 million worth of short orders in the $34.5–$36 range to induce a short squeeze. Traders subsequently opened short positions against the whale's buy orders, causing the funding rate to briefly surge to over –800%, with a spot premium of $0.4. The whale then executed a market sell of 100,000 HYPE ($3.3 million), causing the price of HYPE to drop 4% within seconds. The short positions being squeezed were reduced from 2.1 million HYPE ($67.1 million) to 727,000 HYPE ($24 million).