High-Profile Trader Takes $46M Hit After Exiting Massive HYPE Short Position

High-profile cryptocurrency trader loracle.hl has fully closed out his $110M+ short position on HYPE, locking in a $46.46 million loss after a prolonged bearish bet on the token.

Immediately after exiting the position, he reversed course and opened a 2x leveraged long trade on 82,195 HYPE, valued at roughly $5.73 million, signaling a swift shift in market stance.

The turnaround follows a broader trading backdrop in which he had built approximately $42.2 million in profits from perpetual trading over nearly 10 months—gains that were ultimately wiped out during the 18-day HYPE short.

Source: Lookonchain