HYPE's Largest Bear Trader Faces Significant Losses Amid Price Surge

HYPE's largest bear trader, known as 'Trader Loracle,' has been reducing positions since HYPE's price exceeded $70, according to BlockBeats On-chain Detection. Over the past day, Loracle has decreased their short position from $102 million to $9.2 million, incurring a loss of $3.4 million, or 74%. The trader continues to place buy orders, and if they fully liquidate, losses could exceed $30 million. During the weekend, Loracle transferred 893,000 HYPE tokens to Hyperliquid, increasing in value from $54.5 million to $65 million due to the price surge. These tokens remain unsold. Last month, the trader unlocked a total of 1.115 million HYPE tokens, valued at approximately $63.51 million, over two instances. On May 21, when HYPE reached a new high, Loracle sold 557,000 HYPE tokens, valued at about $33.35 million. The address associated with these transactions is 0x8def9f50456c6c4e37fa5d3d57f108ed23992dae.