HYPE rally squeezes top short trader, prompting over $90M in position cuts

ME News reported that as of June 2 (UTC+8), Hyperinsight tracking shows HYPE's largest short seller, trader Loracle, has been steadily trimming exposure and cutting losses since HYPE climbed above $70. From yesterday through today, Loracle has reduced positions by more than $90 million in total. Loracle's 5x leveraged short has shrunk from $102 million to $9.2 million. Unrealized losses still stand at about $3.4 million, or 74%. At the time of writing, Loracle continues to place buy orders. Over the weekend, Loracle transferred 893,000 HYPE spot tokens to Hyperliquid. As prices rose, the value of that spot holding increased from $54.5 million to $65 million, and the tokens remain held in spot and unsold. Over the past month, the whale unlocked HYPE twice, totaling 1,115,000 HYPE (worth about $63.51 million). Onchain records show Loracle sold 557,000 HYPE on May 21, the day HYPE first broke its all-time high, for roughly $33.35 million. Address: 0x8def9f50456c6c4e37fa5d3d57f108ed23992dae (Source: BlockBeats)