According to on-chain analyst Ember's monitoring, HYPE’s largest short, loracle.hl, is not simply shorting HYPE naked. The short position serves as a hedging operation for the 2.1 million HYPE (worth $127 million) he holds. After HYPE hit a new high, he also began selling the HYPE spot he holds: 20 minutes ago, he transferred 557,000 HYPE (worth $33.35 million) from the HyperEVM chain to Hyperliquid, and is currently in the process of selling. He still holds approximately 1.667 million HYPE (worth $105 million) on the HyperEVM chain.