The cryptocurrency whale known as 'loracle' has expanded its short position on HYPE to over $100 million, equivalent to 1.71 million HYPE tokens, according to monitoring by Lookonchain. This position currently incurs a floating loss exceeding $23 million, with a liquidation price set at $69.49. MLM clarified that this short position serves as a hedge against loracle's 2.16 million staked HYPE tokens, valued at approximately $104 million. Of these, 560,000 HYPE tokens, worth about $26.9 million, are currently being unstaked. MLM emphasized that due to market scrutiny of loracle's wallet activities, directly selling in the spot market could lead to unfavorable exit prices. Therefore, loracle opted to establish a short position via perpetual contracts to secure profits.