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Whale flips to 2x HYPE long after unwinding $110M short at steep loss
Recent on-chain activity points to ongoing whale and institutional demand for HYPE.
Prominent crypto trader loracle.hl has reversed his bearish stance on Hyperliquid (HYPE), closing a $110 million short position at a $46 million loss before opening a 2x leveraged long position on 82,195 HYPE, according to data tracked by Lookonchain.
loracle.hl (@loraclexyz) has closed his entire $110M+ $HYPE short, taking a $46.46M loss.
He then flipped bullish on $HYPE and opened a 2x long on 82,195 $HYPE($5.73M).https://t.co/D6rm4xqAXv pic.twitter.com/aY0OCSN8s9
— Lookonchain (@lookonchain) June 3, 2026
The move occurred just before Grayscale launched its Hyperliquid Staking ETF, which undercuts competing HYPE ETPs with an industry-low 0.29% management fee.
Meanwhile, large-scale investors continue to increase their HYPE exposure. Blockchain data shows that Galaxy Digital withdrew 179,000 HYPE, worth approximately $13 million, from Coinbase on Tuesday.
In a separate transaction, a wallet address identified as 0x6436 withdrew 135,824 HYPE worth around $10 million, increasing its two-day accumulation to 399,730 HYPE with an estimated value of $29 million.