Loracle transfers 893000 HYPE to on chain addresses, with short positions still reaching $114 million

According to Hyperinsight monitoring, the biggest bear of HYPE, trader Loracle, will transfer 893000 HYPE spot items that have been released from pledge to its HyperEVM address, valued at approximately $590 million. Currently, there are no new movements in the spot position. Its empty position reduction has been ongoing for 5 hours, with a single reduction amount ranging from 400000 to 1.4 million US dollars. The current short position value of HYPE is still as high as $114 million, with a floating loss of $366 million. About $230 million of the $270 million margin in its account is used to maintain the position. In addition, its BTC short position value is $238 million, with an opening price of $75300 and a floating profit of approximately $600000. Over the past month, Loracle has unlocked a total of 1.11 million HYPEs worth approximately $635 million, and sold 557000 HYPEs worth approximately $333 million on May 21st. The market expects it to sell 893000 newly unlocked HYPE spot items.