Giant whale Loracle deposited 616,700 HYPE tokens into HyperLiquid and began selling them; its short HYPE positions have already incurred a paper loss of $23 million.

CoinFeed reported on May 22 that, according to Onchain Lens monitoring, whale Loracle (@loraclexyz) has deposited 616,670 HYPE tokens (US$36 million) into HyperLiquid and has begun selling them, leaving only 78,000 HYPE tokens available for sale. Its 5x HYPE short position has seen its unrealized losses widen to US$23 million, with a liquidation price of US$83.34.