TechFlow News, May 28: According to Hyperinsight monitoring data, “Trader Loracle”—the largest HYPE short position—will unlock 893,000 HYPE spot tokens (valued at approximately $50.8 million) from its staked holdings in the next 7 hours. This represents the whale’s largest single unlock event to date. Its total staked balance stands at roughly 2.009 million HYPE, valued at approximately $120 million.
Over the past month, this whale has unlocked HYPE twice, totaling 1.115 million tokens (valued at approximately $63.51 million). On-chain records clearly traceable show that on May 21—the same day HYPE hit a new all-time high—it sold 557,000 HYPE (valued at approximately $33.35 million).
The market widely expects Loracle to sell the newly unlocked 893,000 HYPE spot tokens, thereby imposing corresponding selling pressure on HYPE. Moreover, such a sale may coincide with a reduction in short positions; if the spot tokens are sold without simultaneously closing or adjusting the short positions, Loracle’s $104 million HYPE short exposure would become an un-hedged, one-sided naked short. In the event of a short squeeze triggering liquidation, potential losses could exceed $100 million—enough to wipe out its entire spot gains.
Current major derivative positions: HYPE shorts ($104 million), liquidation price at $90; BTC shorts ($34.32 million), liquidation price at $208,000.
