Trader Loracle's spot unrealized gains cannot offset previous massive short losses; net loss after hedging still reaches $33.75 million

According to monitoring by HyperInsight, former largest HYPE short seller "Trader Loracle" has not sold any of the 893,000 HYPE tokens unlocked from spot positions since receiving them last week. As HYPE's price rises, the spot position has appreciated by 25%, currently valued at approximately $63.5 million, with an unrealized gain of about $12.7 million.

Losses on the contract side far exceed spot gains. Today, it completely closed out over $102 million worth of HYPE short positions at a high price, ultimately recording a loss of up to $46.459 million. Even after accounting for the hedging effect of the spot unrealized gains, the address still has a net loss of approximately $33.75 million.

Over the past month, this whale has unlocked tokens three times, totaling 2.008 million HYPE. According to clearly traceable on-chain records, it sold 557,000 HYPE on May 21 (the day HYPE first broke its all-time high), valued at approximately $33.35 million.