Market observers initially flagged significant accumulation of HYPE tokens by prominent traders. A wallet associated with "Loracle" had reportedly increased long positions to nearly 500k HYPE while simultaneously purchasing spot tokens to support the price. Additionally, other large entities were identified entering the market, creating conflicting flows. [Update 1] Reports now quantify the scale of the volatility. Trader "Loracle" closed a massive long position valued at approximately $15 million within a two-hour window, shifting from accumulation to selling. Simultaneously, the new whale entrant deposited $32 million to execute a targeted short squeeze strategy—aggressively buying spot HYPE to drive up prices before taking a short position to manage exposure. This divergence in strategy has caused significant fluctuations in funding rates and price action.