BlockBeats News, May 28, according to Hyperinsight Monitoring, HYPE's largest short seller, known as "Trader Loracle," is set to unlock 893,000 HYPE spot tokens from its stake in the next 7 hours, worth approximately $50.8 million, marking the whale's largest single unlock recently. Its total stake is around 2.09 million HYPE tokens, valued at about $120 million.

Earlier last month, the whale had already unlocked its holdings twice, totaling 1.115 million HYPE tokens (worth approximately $63.51 million). In a transparent on-chain record, on May 21 (the day HYPE hit its all-time high), it sold 557,000 HYPE tokens, worth about $33.5 million.

The market widely expects Loracle to sell the newly unlocked 893,000 spot tokens, which would create selling pressure on HYPE. Moreover, this sell-off may also involve closing some short positions. If the spot tokens are sold without corresponding short positions being closed, its $104 million HYPE short exposure will turn into unilateral naked short exposure. If a short squeeze occurs, the potential loss could exceed $100 million, enough to wipe out all spot profits.

Current major positions on the futures side: HYPE shorts ($104 million), liquidation price $90; BTC shorts ($34.32 million), liquidation price $208,000.

Contract Address: 0x8def9f50456c6c4e37fa5d3d57f108ed23992dae

Staking Address: 0xE44bd27c9F10fa2F89fdb3ab4B4F0E460da29EA8

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