A $10M $HYPE put expiry on @ryskfinance pushed the HYPE price more than 2%. Yesterday, Rysk processed one of its largest HYPE options expiries so far. Most of the exposure, roughly 100K HYPE, came from cash-secured puts sold at a $65 strike. After HYPE dropped almost 10%, these puts expired deep ITM. The market makers on the other side had bought the puts and to exercise them, they had to deliver HYPE during the 2 hour settlement window and receive the sellers’ stablecoin collateral at the $65 strike. The main MM involved was: 0x66799BC69d7a7DAAF50b6aa03CD5c6a2DF1a9454 This wallet bought more than 100K HYPE on HyperCore during the settlement process, pushing the HYPE price around 2%. But here is where things get interesting. Almost 100K of the HYPE delivered through settlement went to a single user: 0x5Db201AE15f9702f0a0Ff9F00b8c1c18355373d0 This user sold roughly 100K cash-secured puts with a $65 strike, collecting the premium upfront and locking around $6.5M in stablecoins. Because HYPE expired near $60, the puts had approximately $500K of intrinsic value, so he ended up buying HYPE at $65 even though the price per HYPE at that moment was around $59. Shortly after receiving 99,755 HYPE, the user sent all of it to Bybit. There is a chance it will now be sold, but this wallet has followed a similar pattern for months: it deposits HYPE into Bybit, withdraws it again a few weeks later and repeats the strategy. The difference is that it had never done it with nearly 100K HYPE before. Will this time be different?