It's been a long time since we talked about the giant whale on the chain Recently, the market has been unstable, and it's been a long time since Loracle started taking action again It continues to sell existing HYPE while gradually establishing a sustainable empty warehouse for HYPE through thousands of split orders Is the 'big bear' who was once famous for short selling HYPE ready to come back? Let's briefly review Loricle first We have tracked this address more than once (after all, it is at the star level on the chain) At first, it entered the market view due to a huge HYPE short position: a 5-fold leverage short of HYPE, with a position value of about 52 million US dollars and a floating profit of over 38 million US dollars Later, as HYPE continued to rise, Loracle began to liquidate short positions and went long with a backhand around $70 It has transformed from the most closely watched HYPE short position in the market to a large long position holding a large amount of spot and perpetual long positions According to the latest on chain data, Loracle currently holds approximately 772978 spot HYPEs worth approximately $41.32 million The estimated average cost of this batch of spot goods is about 62.54 US dollars, with a book cost of about 48.34 million US dollars. Based on a price of approximately $53.47, the spot floating loss has reached approximately $7.02 million That is to say, most of the HYPE it recently sold were below its holding cost In this situation, Loracle started establishing HYPE empty orders from noon on July 30th In the first hour, approximately 7426 HYPEs were emptied, and then gradually increased the storage space through a large number of small orders As of the snapshot time, it has established approximately 16620 HYPE short positions with an average opening price of about $53.69 and a position value of about $889000 The entire process was divided into approximately 3338 sales transactions The question is: Does the $889000 short position count as Loracle's renewed bearish view on HYPE? It's far from enough Because it still holds about 772978 spot HYPE in its hands, while there are only about 16620 short positions, which only cover about 2.15% of the spot position After deducting short positions, Loracle still holds a net of approximately 756357 HYPEs, with a net long exposure of approximately $40.43 million So a more accurate description would not be 'Loracle's backhand short HYPE' But it still maintains a core long position of over $40 million, while selling a small amount of spot and reducing downside risk with a small short position This blank order is more like insurance than a reversal of direction In the past few hours, Loracle sold approximately 2106 spot HYPE with a turnover of around 112000 US dollars This portion only accounts for about 0.27% of its spot holdings Therefore, it cannot be said that it is currently undergoing a "massive clearance", it can only be said that it has started to reduce its holdings rhythmically Why lower the risk at this time? Because its account is no longer easy According to snapshot data, the Loracle perpetual account is worth approximately $1.74 million, with a nominal position of approximately $11.5 million and an overall leverage of approximately 6.59 times Approximately 1.43 million US dollars of margin has been used, with a margin utilization rate of about 82%, and a withdrawable balance of 0 In the past 24 hours, its perpetual account value has decreased from approximately $4.57 million to $1.74 million, with a drawdown of approximately 61.9% In addition to HYPE, Loracle is also reducing its holdings in some SOL and ZEC multi orders These actions taken together are more like a combination level risk contraction: Sell a small amount of spot HYPE, then establish a small short position in HYPE, while reducing the long positions in SOL and ZEC, thereby releasing margin space for the account Indeed, we need to learn how giant whales combat risks What really needs to be observed next are two pieces of data Firstly, will Loracle continue to sell existing HYPE products At present, the proportion of sales is only 0.27%, which is still a small-scale reduction in holdings. But if the spot position continues to rapidly decline from 770000, the significance is completely different Secondly, will HYPE's empty orders continue to expand The current hedging ratio of 2.15% can only be considered a test. If the empty position gradually increases to 10%, 20%, or even completely covers the spot position, it means that its market judgment is undergoing a substantial change Loracle is still a HYPE majority leader with a net exposure of over $40 million, but this long position is no longer as confident as before Previously, the market was worried that Loracle's huge short orders would crush HYPE Later, the market saw it take a loss and go short, and then went long around $70 Now that HYPE has returned to around $53, the story has moved on to the third act: The person who used to be the best at shorting HYPE started using a small short order that only covered 2.15% of the spot to protect their long position of over $40 million Is it just buying insurance, or is it preparing to turn around again? HYPE Hyperliquid Loracle