A hedge fund whale has made a $48 million bullish bet on BTC to outperform HYPE, with intraday profits reaching $1.28 million.

According to BlockBeats, on March 30, data shows that the whale known for "favoring BTC over altcoins during downturns" (0x939) continues to hold a BTC/HYPE exchange rate hedging position: a $28.5 million long on BTC at an average price of $70,557; and simultaneously a $19.38 million short on HYPE at an average price of $39.

Today, BTC continued to move upward, while HYPE, after a brief rally, fell back below $38, with a 24-hour drop of 4.5%. With both the long and short positions working in tandem, this combination made a profit of more than $1.28 million in the past 24 hours, and the strategy of betting on BTC outperforming HYPE has so far been realized.

This address previously used a similar strategy to reduce holdings: opening a long BTC position with a size of about $50 million while shorting ETH, XRP, ADA, and five other coins. The strategy proved effective at the time, with total profits for the entire cycle still standing at around $37.1 million.