After losing 46 million, he turned around and went long on the same coin—Is this person crazy, or are we too stupid?

This person is not a rookie.

He is a trader who made $42.2 million in 10 months using perpetual contracts.

In the past 10 months, he caught almost every trend. Bitcoin, Ethereum, SOL—did he miss any direction? Market’s recognized “on-chain benchmark player.”

Then, he encountered HYPE.

He spent 18 days, lost all $42.2 million profit, and even paid over $270k in losses.

Starting in late May, he shorted HYPE, initially with a $110 million position, 5x leverage. At that time, HYPE was around $43, and he thought the rally was over.

But HYPE soared past $60, then $70, forcing him to keep reducing his position, reducing, and reducing again.

By June 2nd, he closed his last short—total loss locked in: $46.46 million.

This isn’t “losing money.” It’s being crushed by the same market.

Early this morning, the person who was just crushed by HYPE turned around and went long.

2x leverage, bought 82,195 HYPE tokens worth $5.73 million.

Meanwhile, he also opened a 10x leveraged long on NEAR, continuously adding to the position.

When the news broke, the entire crypto Twitter was stunned.

Someone who lost $46 million still dares to go long on the same asset—that’s not just a “switch in direction.”

It’s a faith-level reversal.

He’s not betting on a rebound; he’s saying, “I was wrong. Now I see something more certain.”

Assets that can make you lose your fortune and then bet on again are rare.

HYPE is one of them.

Why? Because it has solid logic.

ETF. Grayscale’s pledged HYPE ETF (HYPG) launches tomorrow, with a management fee of 0.29%, the lowest in the market. Investors can access HYPE spot exposure + staking yields through traditional brokers.

Protocol revenue. Hyperliquid’s May fee income hit $57.9 million, surpassing Ethereum. 99% of that is used to buy back HYPE on the open market—an endogenous buy pressure that buys every day.

Market structure. HYPE’s open interest has reached $3.5 billion, doubling from $1.4 billion at the start of the year. This isn’t retail traders playing; it’s institutional-level funds heavily pushing in.

Recently, HYPE broke out of a bull flag pattern, with a technical target of $105. In March, HYPE was still in the $20s; now it’s over $70, with a market cap of about $18 billion. Only about 22% of the total supply has been unlocked.

That’s why, after a whale gets crushed, it would rather stand up and lick its wounds than give up and go short.

But on the other side, a good show is also unfolding.

Whale address “0x97f” is fighting against him—10x leverage, short 270k HYPE, worth $18.77 million, with an unrealized profit of over $1 million.

In other words, the moment Loracle went long, 0x97f was already shorting on the same day—and is currently in profit.

These two whales are betting against each other in the HYPE futures market.

Each believes “the other will definitely blow up.”

Who wins? The market will decide.

Here’s my take.

Loracle’s largest short position was $110 million, crushed. His long position is only $5.73 million, much smaller.

This doesn’t mean he’s “small and lacks confidence.” Quite the opposite—someone who’s been crushed once by HYPE still dares to go long again, showing a fundamental shift in his view of HYPE’s current position.

This kind of shift itself is the strongest catalyst for market sentiment.

Grayscale ETF launching tomorrow = buying momentum. Loracle going long = short sellers shaken. 0x97f continuing to short = a battle of bulls and bears.

Tomorrow, three key moves will be decided.

HYPE will either surge to $105 or fall back to $60. No middle ground.

“A person who’s been crushed once by the same market and still dares to go long—it's not because he’s brave, but because he realizes he’s foolishly standing against the trend and fighting #分享美股交易赢英伟达股票 it in the wrong way.”