Do you also think HYPE is finished?
From $65, it fell to $57—an intraday correction of 10%.
Galaxy Digital has released 1 million tokens from re-staking, and directly transferred 500k to exchanges.
On-chain, it’s a cacophony of screams: “The whales are distributing!” “We’ve hit the top!”
Then look at that shorting big shot called Loracle—the 5x leveraged short position, currently showing a floating loss of $29 million, and it’s said he’s already been forced to close part of it.
The shorts are laughing: See? I told you it wouldn’t be able to go up.
Retail investors are panicking: Should we cut?
Wait.
Do you know what happened—at the very same second? Two HYPE ETFs recorded cumulative net inflows of over $100 million over the past 10 days.
In other words: Galaxy is selling, while the ETFs are buying.
This isn’t “a sell-off.” It’s an overt handover of chips.
## 1. The shorts’ end is written on the liquidation order
Loracle, starting in late April, kept adding to his HYPE short position—piling on from $20 million up to over $100 million.
As HYPE was pumped from $40 to $64, his floating loss went from a few million to $29 million.
With 5x leverage, holding on until now is already a miracle.
In the early hours of the 29th, he finally couldn’t take it anymore—cutting positions, stopping losses, admitting defeat.
Shorting something that doubles in a month is like blocking a train; no matter how stylish your posture is, you still end up shattered.
The shorts are gone, and the longs are comfortable. But the real story isn’t about longs versus shorts—it’s in a detail you almost didn’t notice.
## 2. What is Galaxy Digital up to?
On the surface: un-staking 1 million HYPE → transferring 500k to exchanges → looks like they’re about to sell.
But what about in reality?
This HYPE was picked up at the low last year. Now they’re taking a portion out in the $61–$65 range—this is called locking in profit, not running away.
At the same time, a Galaxy-related wallet also bought 158.1k tokens (about $8.8 million) on May 21.
Sell at a high price with one hand, buy back on a pullback with the other—this is market-thinking, not panic selling.
Whales are washing the market; retail is watching the lines.
And that other 500k HYPE unlocked by Galaxy is still sitting untouched in the wallet—because they’re only adjusting their position structure, and just using it to spook you.
What you think is “distribution” is actually smart money rotating positions. What you think is “a breakdown” is institutions entering.
## 3. The real thing worth watching is that old man at ICE
Don’t just stare at the candlesticks—look at a news item you may have skimmed past:
ICE (the Intercontinental Exchange—the parent of the NYSE) CEO Jeff Sprecher has visited the Hyperliquid team multiple times.
And do you know what he said at an investors meeting last week?
“Hyperliquid is bigger than Nasdaq. I really wish I were younger, so I could go out and do it myself.”
A godfather-level figure from a traditional exchange, publicly praising an on-chain derivatives platform.
Just the week before last, he went to the CFTC with CME to complain about wanting “strictly regulating Hyperliquid.” And this week, he says, “Mutual admiration—we want to go deeper to understand.”
What is that called? It’s called: when you can’t beat them, join them. It’s called: understanding the trend in time is better than kneeling late.
More importantly, Sprecher specifically mentioned: Hyperliquid already supports trading SpaceX derivatives. On June 11, SpaceX will officially IPO, and on-chain price discovery could end up influencing traditional IPO pricing.
In other words: Hyperliquid is no longer “just a DeFi protocol.” It’s becoming the second front where financial pricing power is decided.
## 4. So how much is HYPE actually worth right now?
Right now, the market values HYPE based on protocol fee revenue—annualized fees × a multiple, which is a standard DeFi valuation model.
But if the ICE cooperation lands, what happens?
The entire valuation coordinate system will switch.
From “a derivatives protocol on-chain” → “an infrastructure for compliant integration with Wall Street.”
How big is that “compliant integration premium”?
Take a look:
A U.S. stock exchange license alone is worth hundreds of billions of dollars.
If Hyperliquid becomes ICE’s compliant partner, it means traditional institutions can come in openly—no need to secretly and covertly do OTC trades.
That means:
Liquidity climbs to another level.
Traditional market makers, hedge funds, and ETF capital will accelerate inflows.
HYPE shifts from “high-risk on-chain assets” to “semi-compliant financial assets.”
Conservatively estimated: this premium is 30%-50%. More aggressively: the switch in valuation logic itself leaves room for 2-3x.
Previously, buying HYPE was like buying into a wild casino. Going forward, buying HYPE is like buying a licensed exchange.
## 5. Final words
What you’re seeing now is $57—a 4% pullback—short liquidations—and Galaxy’s transfers.
But what the whales see is:
ETF net inflows for 15 consecutive days, with zero redemptions.
The ICE CEO personally coming by.
The shorts being cleared out, with the fuel already fully loaded.
Retail panics and guesses the top, while institutions panic-buy and accumulate. #成长值抽奖赢金条 #WTI原油失守90美元 $BTC $ETH $HYPE
From $65, it fell to $57—an intraday correction of 10%.
Galaxy Digital has released 1 million tokens from re-staking, and directly transferred 500k to exchanges.
On-chain, it’s a cacophony of screams: “The whales are distributing!” “We’ve hit the top!”
Then look at that shorting big shot called Loracle—the 5x leveraged short position, currently showing a floating loss of $29 million, and it’s said he’s already been forced to close part of it.
The shorts are laughing: See? I told you it wouldn’t be able to go up.
Retail investors are panicking: Should we cut?
Wait.
Do you know what happened—at the very same second? Two HYPE ETFs recorded cumulative net inflows of over $100 million over the past 10 days.
In other words: Galaxy is selling, while the ETFs are buying.
This isn’t “a sell-off.” It’s an overt handover of chips.
## 1. The shorts’ end is written on the liquidation order
Loracle, starting in late April, kept adding to his HYPE short position—piling on from $20 million up to over $100 million.
As HYPE was pumped from $40 to $64, his floating loss went from a few million to $29 million.
With 5x leverage, holding on until now is already a miracle.
In the early hours of the 29th, he finally couldn’t take it anymore—cutting positions, stopping losses, admitting defeat.
Shorting something that doubles in a month is like blocking a train; no matter how stylish your posture is, you still end up shattered.
The shorts are gone, and the longs are comfortable. But the real story isn’t about longs versus shorts—it’s in a detail you almost didn’t notice.
## 2. What is Galaxy Digital up to?
On the surface: un-staking 1 million HYPE → transferring 500k to exchanges → looks like they’re about to sell.
But what about in reality?
This HYPE was picked up at the low last year. Now they’re taking a portion out in the $61–$65 range—this is called locking in profit, not running away.
At the same time, a Galaxy-related wallet also bought 158.1k tokens (about $8.8 million) on May 21.
Sell at a high price with one hand, buy back on a pullback with the other—this is market-thinking, not panic selling.
Whales are washing the market; retail is watching the lines.
And that other 500k HYPE unlocked by Galaxy is still sitting untouched in the wallet—because they’re only adjusting their position structure, and just using it to spook you.
What you think is “distribution” is actually smart money rotating positions. What you think is “a breakdown” is institutions entering.
## 3. The real thing worth watching is that old man at ICE
Don’t just stare at the candlesticks—look at a news item you may have skimmed past:
ICE (the Intercontinental Exchange—the parent of the NYSE) CEO Jeff Sprecher has visited the Hyperliquid team multiple times.
And do you know what he said at an investors meeting last week?
“Hyperliquid is bigger than Nasdaq. I really wish I were younger, so I could go out and do it myself.”
A godfather-level figure from a traditional exchange, publicly praising an on-chain derivatives platform.
Just the week before last, he went to the CFTC with CME to complain about wanting “strictly regulating Hyperliquid.” And this week, he says, “Mutual admiration—we want to go deeper to understand.”
What is that called? It’s called: when you can’t beat them, join them. It’s called: understanding the trend in time is better than kneeling late.
More importantly, Sprecher specifically mentioned: Hyperliquid already supports trading SpaceX derivatives. On June 11, SpaceX will officially IPO, and on-chain price discovery could end up influencing traditional IPO pricing.
In other words: Hyperliquid is no longer “just a DeFi protocol.” It’s becoming the second front where financial pricing power is decided.
## 4. So how much is HYPE actually worth right now?
Right now, the market values HYPE based on protocol fee revenue—annualized fees × a multiple, which is a standard DeFi valuation model.
But if the ICE cooperation lands, what happens?
The entire valuation coordinate system will switch.
From “a derivatives protocol on-chain” → “an infrastructure for compliant integration with Wall Street.”
How big is that “compliant integration premium”?
Take a look:
A U.S. stock exchange license alone is worth hundreds of billions of dollars.
If Hyperliquid becomes ICE’s compliant partner, it means traditional institutions can come in openly—no need to secretly and covertly do OTC trades.
That means:
Liquidity climbs to another level.
Traditional market makers, hedge funds, and ETF capital will accelerate inflows.
HYPE shifts from “high-risk on-chain assets” to “semi-compliant financial assets.”
Conservatively estimated: this premium is 30%-50%. More aggressively: the switch in valuation logic itself leaves room for 2-3x.
Previously, buying HYPE was like buying into a wild casino. Going forward, buying HYPE is like buying a licensed exchange.
## 5. Final words
What you’re seeing now is $57—a 4% pullback—short liquidations—and Galaxy’s transfers.
But what the whales see is:
ETF net inflows for 15 consecutive days, with zero redemptions.
The ICE CEO personally coming by.
The shorts being cleared out, with the fuel already fully loaded.
Retail panics and guesses the top, while institutions panic-buy and accumulate. #成长值抽奖赢金条 #WTI原油失守90美元 $BTC $ETH $HYPE
HYPE+0.24%
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