Loracle slightly reduces HYPE short positions; the market watches its $59 million spot movements.

Deep Tide TechFlow News, May 30th, on-chain data shows that well-known trader Loracle recently adjusted their positions, beginning to partially close the massive HYPE short positions previously established.

Their HYPE short position has decreased from approximately 1.83 million contracts to 1.73 million contracts, a reduction of about 100k contracts. Currently, this position is still in a floating loss, with unrealized losses of about $35 million, and a forced liquidation price of approximately $91.51.

Meanwhile, Loracle added a SOL short position and closed the previously held small short positions in VVV and LIT.

It is noteworthy that, aside from the short positions, Loracle still holds about 892k HYPE spot tokens, which are valued at approximately $59 million at the current price. As HYPE continues to hit new all-time highs driven by ETF expectations and capital inflows, the market is closely watching whether they will reduce their spot holdings in the coming days, potentially impacting the price.

Previously, Loracle published a comparative view on HYPE and SOL ETFs and hinted at the risk of a correction for HYPE, but the related content has since been deleted. The market generally believes that their subsequent position changes will remain an important indicator for observing HYPE's short-term trend.