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.