Onchain Trader 'loracle.hl' Loses $42.2M Gains After 18-Day HYPE Short

An onchain trader labeled 'loracle.hl' built $42.2 million in perpetual-futures profits over roughly 10 months, then saw those gains erased after an 18-day short against Hyperliquid's HYPE token. As HYPE rose to a record near $70 on May 31, the account was estimated to be down an additional $5.19 million, with most of the short later closed at a large loss.