Two wallets, suspected to belong to a certain entity, closed out their short positions in HYPE, resulting in a loss of over $6.99 million.

CoinFeed reported on May 22 that, according to Onchain Lens monitoring, two wallets that may belong to the same entity have closed out their short positions in HYPE, incurring losses of over $6.99 million, and subsequently withdrew the remaining USDC and deposited it into Coinbase.