TechFlow News, May 21: According to Coinbob’s monitoring of popular addresses, following HYPE’s short-term surge and its rise above $58, the largest short position holder—trader “Loracle”—added to his short position against the trend over the past hour, accumulating approximately 61,000 additional short contracts. As of this report, he continues to maintain sell orders above $58. Since last night, this address has accumulated over 329,000 short contracts, valued at roughly $19.2 million.
Currently, this address holds a 5x-leveraged short position of 1.78 million HYPE tokens. Due to HYPE’s rising price, the position’s notional value has passively increased to $104 million. The average entry price has risen from $42.55 to $44.82, with the liquidation price now at $69. The unrealized loss stands at $24.2 million (–116%).
This short position was initially opened on April 20, when HYPE traded around $41. Over the past week, the trader’s account has incurred cumulative drawdowns exceeding $25.8 million, reducing the remaining margin to $9 million.
