Loracle continues to believe that $60 $HYPE is too expensive
His current $HYPE short position now sits at around ~$110M, with an unrealized loss of roughly ~$28M.
https://t.co/vc5IEYfduu
But it’s important to understand that this is more of a hedge position, he’s effectively locking in profits from his massive spot holdings, offsetting losses on the futures side.
Yesterday, he unstaked and sold another 558k $HYPE fairly quickly.
But at the same time, he also started unlocking a massive 893k $HYPE bag (~$53M).
https://t.co/w7ek0pPSeS
What’s interesting is that buyers still aren’t slowing down.
After dipping to $57 overnight, $HYPE has already reclaimed $60 again, while TWAP buy pressure continues getting absorbed.
Thanks to the aggressive buying, Lora selling pressure is becoming less and less noticeable.
And honestly, I just hope he eventually runs out of tokens to sell.
SEND IT HIGHER.