A trader flips bullish on HYPE, ZEC, and NEAR after incurring a $46.46 million loss from a stubborn short position.
A crypto trader known as loracle.hl closed a $46.46 million short position on Hyperliquid’s HYPE token, locking in the loss after the asset’s rally. The trade also cost over $54,000 in funding fees, reflecting the trader’s aggressive bearish stance.
The whale had held the short through May’s rally before capitulating, data from HyperBot shows. HYPE extended its bull pennant breakout, trading near $72.80 after the reversal. Consensus had favored momentum, with BitMEX co-founder Arthur Hayes previously endorsing HYPE, ZEC, and NEAR.
Loracle.hl immediately opened a 2x leveraged long position on 82,200 HYPE, valued at $5.98 million, and now holds unrealized profits of $213,000. The trader also went long on ZEC and NEAR, aligning with Hayes’ so-called “Holy Trinity” bets.