Data: Several whales profited nearly $38 million from XPL price movements in just one hour; a user from the "qwatio hunting squad" still lost $2.5 million despite using a 10% hedging strategy.

ChainCatcher news, according to monitoring by Lookonchain, by heavily going long on XPL and pushing the price up to $1.8, a 200% increase, three whale wallets liquidated other traders' positions within less than an hour and earned nearly $38 million in profit.

This morning at 5:35, a certain wallet address went long with millions of XPL on Hyperliquid, sweeping the entire order book and squeezing out all short positions. Afterwards, the trader began to close part of their long positions, earning $16 million in just one minute.

Meanwhile, the whale hunting squad representative @Cbb0fe, who previously targeted insider @qwatio, stated that during this XPL liquidation event, they performed a 10% hedging operation on their XPL token assets on the HyperliquidX platform, using 1x leverage to short and providing a large amount of collateral for protection, but still suffered a $2.5 million loss. The user stated, "I will never touch this kind of isolated market again."