NBA star Tristan Thompson publicly announced via his X account that he has entered a 50x short position on the cryptocurrency HYPE.

According to the disclosed transaction details, the entry price for this short position is $66.95, and the stop-loss price has been set around $68.

Thompson explained that this trade is a short-term trading strategy anticipating a short-term price correction, rather than being based on a long-term bearish outlook. He added that while he is keeping in mind the potential for a short-term correction in the HYPE price, he still maintains a bullish stance on the long-term outlook for HYPE.