ME News reports that, as of May 27 (UTC+8), according to Hyperinsight monitoring, overnight and early this morning, trader "Loracle" made two attempts to short SNDK (SanDisk) at the peak, resulting in three liquidations totaling $530,000. Combined with HYPE reclaiming the $62 level, this has reduced the whale’s account margin to under $500. The address is currently holding a 5x leveraged short position of 1.8 million HYPE tokens. Due to HYPE’s price rise, the position size has been automatically increased to $112 million, with an average entry price of $45.37 and a liquidation price at $89.40, resulting in an unrealized loss of $30.5 million (-136%). It also holds a $35.5 million BTC short position, which is also slightly in loss. This short position was initially established on April 20, when HYPE was trading at approximately $41. Over the past week, the trader’s account has experienced a cumulative drawdown of over $22.9 million. Address: 0x8def9f50456c6c4e37fa5d3d57f108ed23992dae (Source: BlockBeats)
Loracle's short position on HYPE incurs a $30.5M loss as margin falls below $500
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Summary
On-chain data shows that on May 27 (UTC+8), trader Loracle’s margin fell below $500 following three liquidations totaling $530,000 from a short position in SNDK. The trader holds a 5x short position of 1.8 million HYPE tokens, with a floating loss of $30.5 million (-136%) as HYPE’s price rose above $62. The position was opened on April 20, when HYPE was trading around $41. On-chain analysis reveals a cumulative drawdown exceeding $22.9 million over the past week.
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