Hyperliquid Bear Flips Bullish After Losing Over $46M Betting on HYPE Price to Drop

A crypto whale who stubbornly held his HYPE short through May’s rally has finally been punished as Hyperliquid’s token kept climbing.

Key takeaways:

• Trader has opened fresh long positions in Arthur Hayes’ trinity coins: HYPE, ZEC, and NEAR.
• HYPE has extended its bull pennant breakout and is now eyeing a rally above $100.

Whale reverses HYPE bet after $46.46 million loss

On Tuesday, the trader known as “loracle.hl” finally closed his HYPE short, locking in a $46.46 million loss, according to data resource HyperBot.

Loracle.hl’s closed perpetual trades. Source: HyperBot

The position also cost him more than $54,000 in funding fees, showing how aggressively he had bet against HYPE’s bullish trend.

Shortly after closing the losing short, Loracle.hl flipped long, opening a 2x leveraged position on 82,200 HYPE, worth about $5.98 million, at around $70.20, according to HypurrScan data.

Loracle.hl’s open perpetual trades. Source: HypurrScan

By Wednesday, the trade was already sitting on more than $213,000 in unrealized profit as HYPE climbed to $72.80.

Whale goes net long on Hayes’ “Holy Trinity”

Loracle.hl’s reversal was not limited to HYPE.

HypurrScan data shows the trader also holding long positions in ZEC and NEAR, effectively putting him net long on BitMEX co-founder Arthur Hayes’ so-called “holy trinity” trade: HYPE, NEAR, and ZEC.

The wallet held roughly $5.98 million in HYPE, $5.46 million in ZEC and $2.63 million in NEAR exposure as of Wednesday.

Loracle.hl’s open perpetual trades. Source: HypurrScan

The three positions were already collectively up by more than $920,000, led by over $521,000 in unrealized profit on ZEC, roughly $213,450 on HYPE and around $185,900 on NEAR.

The pivot suggests Loracle.hl has capitulated and joined the “holy trinity” momentum.

Hayes has assigned aggressive upside targets to all three tokens. He has projected HYPE could reach $150 by August 2026, NEAR could deliver a 20x return by 2027, and ZEC could rise 5x over the next year, making them his preferred high-beta trades outside Bitcoin.

Related: How high can NEAR price go in June?

HYPE bull pennant puts $105 target in focus

HYPE’s bull pennant breakout keeps its upside target near $105, about 45% above current prices.

HYPE/USD daily chart. Source: TradingView

The setup formed after the token’s sharp late-May rally, followed by a tight consolidation marked by lower highs and higher lows.

A pullback could retest the 20-day EMA near $60.70. For Loracle.hl, whose 82,200 HYPE long was opened near $70.20, a rally to $105 would lift the unrealized profit to roughly $2.86 million, excluding funding fees.