Loracle Trimmed HYPE Short Position for 5 Hours Straight, Market Watches $59 Million Spot Movement

BlockBeats News, May 30th, according to Hyperinsight monitoring, the HYPE's largest short seller "Trader Loracle" has unstaked 893,000 HYPE tokens today. These tokens were further transferred to their HyperEVM address, with a value of approximately $59 million. Currently, there has been no further action in the spot position. It is worth noting that Loracle's short position has been reducing for the past 5 hours, with individual reductions ranging from $400,000 to $1.4 million. Their current short positions are as follows:

The value of the HYPE short position remains as high as $1.138 billion, with an unrealized loss of $36.6 million. Out of their $27 million collateral, around $23 million is being used to maintain this position;

The BTC short position is $23.8 million, opened at a price of $75,280.1, with an unrealized profit of approximately $600,000.

Previously, this whale had unlocked a total of 1.115 million HYPE tokens twice in the past month, worth around $63.51 million. In a transparent on-chain record, they sold 557,000 HYPE tokens on May 21st, worth approximately $33.35 million. The market currently generally expects Loracle to sell the newly unstaked 893,000 spot tokens. Furthermore, this sell-off may be accompanied by a short position reduction. If the spot tokens are sold but the short position does not synchronize its stop-loss, their $104 million HYPE short exposure will turn into a unilateral naked short exposure. If forced liquidation occurs, the potential loss could exceed $100 million, enough to wipe out all of their spot gains.