The market is watching wallets closely, and giant whales have to play it indirectly.

CryptoWorld News reports that, according to Lookonchain monitoring, the whale loracle's HYPE short position has expanded to over $100 million (1.71 million HYPE tokens), with current floating losses exceeding $23 million, and a liquidation price of $69.49. MLM clarified in a statement that this position is actually a hedge against the 2.16 million staked HYPE tokens (approximately $104 million) they hold, of which 560k HYPE tokens (about $2.69 million) are currently being unstaked. MLM emphasized that because the market closely monitors their wallet activity, directly unstaking and selling in the spot market would lead to worse exit prices, so loracle chose to establish a short position in perpetual contracts in advance to lock in profits.