Trader Dumps Millions in HYPE to Defend Massive Short Position

A trader identified as loracle.hl deposited more than 616,000 Hyperliquid tokens worth about $36.7 million into Hyperliquid and quickly sold most of them to support a massive short position. The trader still holds a 1.8 million HYPE short valued at over $100 million, though unrealized losses have reportedly narrowed to around $22 million after recent moves. The situation matters because continued selling pressure from large holders could impact HYPE’s price volatility, especially if the token keeps rising toward the trader’s liquidation level near $83.33.