HYPE's recent price surge has led its largest short seller, trader Loracle, to significantly reduce positions, cutting over $90 million in losses. As HYPE's price climbed above $70, Loracle's 5x leveraged short position decreased from $102 million to $9.2 million, with unrealized losses still at $3.4 million, marking a 74% decline. Loracle has also been placing buy orders amid the price increase. Over the weekend, Loracle transferred 893,000 HYPE spot tokens to Hyperliquid, with the value of these holdings rising from $54.5 million to $65 million. Despite the price surge, these tokens remain unsold. Previously, Loracle unlocked a total of 1,115,000 HYPE, valued at approximately $63.51 million, and sold 557,000 HYPE for about $33.35 million on May 21, when HYPE first reached its all-time high.
HYPE Price Surge Forces Major Short Seller to Cut $90M in Positions
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