Largest HYPE Bull on Chain Takes Profit for the First Time, Holding Drops to $46.2M
According to Coinbob tracking data, on February 21, as HYPE rebounded from a low of $27 to above $30, the largest HYPE bull on-chain, 'Hyperliquid early supporter Loracle', began to gradually reduce holdings and take profits.
His current HYPE holdings have dropped to $46.2M, with an average price of $24.55 and a floating profit of approximately $8.6M. The reduction is still ongoing at a small scale as of press time.
History of the HYPE Long Position
This 5x leveraged HYPE long was first established on January 12 at an average price of $22. Through multiple rolling positions, the peak floating profit reached $16M. This reduction marks the first profit-taking since the position was opened.
Background and Ecosystem Engagement of Loracle
Loracle, formerly known as Laurent Zeimes, is one of the early contributors to the Hyperliquid ecosystem and also the founder of Hypurrfun. He has been actively participating in the Hyperliquid derivatives market recently and can be followed on Twitter at @loraclexyz.