Hyperliquid Bear Turns Bull After Losing $46 Million on HYPE Short

As the price of the HYPE token on the Hyperliquid platform continues to rise, a major crypto whale betting against the asset was finally forced to close its position. According to HyperBot data, a trader known as “loracle.hl” closed their HYPE short position on Tuesday, recording a loss of $46.46 million. Cointelegraph.com reports .

This trader had bet very aggressively against the market trend, confirmed by their payment of over $54,000 in funding fees. However, as the price of HYPE continued to rise, they decided to completely change their strategy.

After accepting a massive loss, Loracle.hl immediately switched to a long position. According to HypurrScan data, they opened a new $5.98 million position with 2x leverage on 82,200 HYPE at a price of approximately $70.20. By Wednesday, as the price of HYPE reached $72.80, the trader had accumulated over $213,000 in unrealized profits.

The trader's strategic pivot was not limited to HYPE alone. They took long positions in all of the assets dubbed the 'holy trinity' by BitMEX founder Arthur Hayes: HYPE, NEAR, and ZEC. As of Wednesday, their wallet held exposures of $5.98 million in HYPE, $5.46 million in ZEC, and $2.63 million in NEAR.

Currently, these three positions are generating a combined profit of over $920,000. The largest gain comes from ZEC, which has yielded over $521,000 in profit, while HYPE and NEAR are showing positive results of $213,450 and $185,900, respectively.