He realized $4.33M after cutting his GOLD long. Ten days later, he is sitting on $10.61M in unrealized losses. The trade that changed everything: a near-complete pivot into xyz stock-token shorts. This Loracle-linked wallet was previously Hyperliquid’s largest xyz:GOLD long, holding roughly $59.9M with $6.35M in unrealized profit. Then the positioning changed: • Aug 24: GOLD long + SNDK short generated $6.72M in combined profit • Aug 28: GOLD exposure was cut by 81.7%, locking in $4.33M • Sep 7: Account equity fell to $34.08M, with a 7-day return of -30.34% The wallet is now 99.93% short-biased. Its two largest pressure points: • PONS short: $20.34M position, down $3.86M • SNDK short: $27.31M position, down $4.77M The trader has continued adding to PONS despite the loss. Margin usage remains at 23.98%, so liquidation pressure is not immediate—but the market is testing a very concentrated bearish view. A profitable GOLD exit has turned into a $10M test of conviction. Watch what gets reduced first. Data: AiCoin Smart Money #Hyperliquid #SmartMoney #PONS #SNDK(AiCoin)