A prominent HYPE trader known as "0x8def" is playing a sitting bull game with a substantial long position in Hyperliquid. The whale currently holds 1.48M HYPE tokens (worth approximately $46.4M at the latest price of $31.38 as of Feb 15, 2026), having accumulated significant unrealized gains during the token's earlier rally. However, recent price movement shows HYPE trading around $31.38—down from earlier levels—which means the unrealized profit picture has shifted. The trader's mega-bull conviction remains evident through the massive leveraged bet, though the sitting bull strategy now faces headwinds as market conditions evolve and volatility plays a crucial role in determining whether this position will lock in substantial returns or face further drawdowns.