Gold drops below critical level, Loracle's long turns negative
On-chain data reveals that Loracle, a well-known trader on Hyperliquid, has seen his PAXG gold long position move into negative territory. The position, initially built before February 4, has an average entry price of $5,047 with a total value of approximately $7.86 million. After gold prices recently dropped below the key $5,000 level, the trade is now showing a floating loss of $60,000, or -3.8%.
Adding to HYPE and ZEC positions despite losses
Despite the recent loss on PAXG, Loracle continues to adjust his portfolio. Recently, he placed large buy orders around the $28 level for HYPE, aiming to accumulate approximately 20,000 HYPE tokens and further strengthen his dominant long position in the asset. At the same time, he has been consistently increasing his exposure to ZEC, with current holdings reaching $8.5 million.
Largest long across three major assets with overall profitability
Currently, Loracle remains the largest long holder in HYPE, PAXG, and ZEC on Hyperliquid, with total holdings amounting to $63.2 million. Despite the recent drawdown on PAXG, the portfolio still shows an overall floating profit of $6.7 million, highlighting his influence and strategic positioning in the derivatives market.
Who is Loracle?
Loracle is the pseudonym of Laurent Zeimes, an early contributor to the Hyperliquid ecosystem. He is also a founder of Hypurrfun and has been actively trading on the Hyperliquid derivatives platform in recent weeks, with his moves closely followed by the market.