Price retraced to the $40 level, and the top short seller, known as "Loracle," successfully exited their short position.

April 28: Per HyperInsight monitoring (via https://t.me/HyperInsight), HYPE pulled back in the afternoon, briefly dipping to the $40 level. Hyperliquid trader “Loracle,” who held a 5x leveraged short position on HYPE, closed the position profitably. The address’s current position size stands at $23.8 million, with an average entry price of $40.871—now the largest on-chain short position in HYPE. Notably, this address belongs to an early contributor to the Hyperliquid ecosystem and the founder of Hypurrfun. Previously, during HYPE’s major uptrend starting from $20, the address held a significant long position, at one point ranking as the second-largest on-chain long position in HYPE. On April 20, however, they flipped their strategy to short. Address: 0x8def9f50456c6c4e37fa5d3d57f108ed23992dae