Crypto Whale Shifts from Short to Long After $46M Loss on HYPE
- Trader “loracle.hl” closed a short position on HYPE, incurring a loss of $46.46 million.
- The position also cost over $54,000 in funding fees due to aggressive betting against HYPE’s bullish trend.
- After closing the short, loracle.hl opened a long position of about $5.98 million on HYPE at approximately $70.20.
- As of Wednesday, the trader’s positions in HYPE, ZEC, and NEAR were collectively up by over $920,000.
- HYPE’s current bull pennant breakout targets a price of $105, approximately a 45% increase from current levels.
The shift in strategy indicates that loracle.hl has capitulated and is now betting on the momentum of Arthur Hayes’ “holy trinity” trade involving ZEC and NEAR. The unrealized profit for HYPE alone has already exceeded $213,000 as its price climbed to $72.80.
With this pivot, loracle.hl’s potential profit could reach around $2.86 million if HYPE hits the target price of $105.(Source)
