Hyperliquid Trader Loracle Holds 1.24M HYPE Short, the Largest on the Platform

HyperFinance reports that, as of May 12, according to Hyperinsight monitoring, the well-known Hyperliquid trader "Loracle" has fully closed their previously large profitable long positions in ZEC and TON, shifting their main holdings to short positions in HYPE, BTC, and SNDK (SanDisk), increasing their weekly profit to $12.7 million. The HYPE short position is currently the largest single position held by this address, with a 5x leveraged short of 1,243,200 HYPE tokens, valued at approximately $51.2 million—making it the largest HYPE short on the Hyperliquid platform. During HYPE’s decline last night and early this morning, this short position turned profitable, realizing a paper profit of approximately $790,000 (7.8%). It is reported that over the past two days, this address significantly averaged down its HYPE short position, accumulating an additional $12 million in exposure, lowering its average entry price to $41.81. Last night, it simultaneously opened a 20x leveraged short position in BTC worth $11.1 million.