A trader shorting HYPE is closing their position and selling HYPE, with unrealized losses exceeding $2.5 million.

According to on-chain analytics platform Lookonchain (@lookonchain), a trader who previously shorted HYPE before its price surge is now closing their short position while simultaneously selling HYPE. This address has unstaked 443,180 HYPE tokens—valued at approximately $27 million—with 231,899 HYPE tokens already sold for roughly $14.15 million. The remaining 211,281 HYPE tokens—worth about $13 million—are still being sold. Additionally, the trader maintains an open short position of 141,500 HYPE tokens—valued at approximately $8.67 million—with unrealized losses exceeding $2.5 million.