Cryptocurrency Trader Faces Losses Amid Gold Price Drop

On February 16, a report from Coinbob highlighted that 'Hyperliquid early contributor Loracle' established a PAXG (on-chain gold) long position before February 4. According to BlockBeats, following the drop in spot gold prices below $5,000 per ounce today, Loracle's position has shifted from profit to loss. The current average holding price is $5,047, with a position size of approximately $7.86 million, resulting in an unrealized loss of $60,000 (-3.8%). In addition to PAXG, the address holds a significant long position in HYPE, with plans to purchase around 20,000 HYPE tokens at approximately $28 each to slightly increase the long position. Recently, Loracle has also been increasing their ZEC long position, which now totals $8.5 million. Currently, Loracle is the largest long holder of HYPE, PAXG, and ZEC on the Hyperliquid platform, with a total account holding size of $63.2 million and an overall unrealized profit of $6.7 million. Loracle, whose real name is Laurent Zeimes, is active in the Hyperliquid ecosystem and is considered one of its early contributors. He is the founder of Hypurrfun and has been actively participating in the Hyperliquid contract market.