According to Lookonchain monitoring, the whale loracle’s HYPE short position has expanded to over $100 million (1.71 million HYPE tokens). Its current floating loss is over $23 million, and the liquidation price is $69.49. MLM clarified in a post that this position is in fact a hedge against the 2.16 million staked HYPE tokens it holds (approximately $104 million), of which 560,000 HYPE tokens (about $26.9 million) are currently being unstaked. MLM emphasized that, because the market is closely watching its wallet activity, directly unstaking on the spot market and dumping would result in a worse exit price; therefore, loracle chose to set up the short position in perpetual contracts in advance to lock in profits.