The total network 8-hour funding rate is only 0.0049%, and the bulls have no desire to attack. Hyperliquid's largest ETH long whale holds 114k tokens, with an average cost of $2,268. It has now shifted from a floating profit of $13 million to a floating loss of $10 million — this is the real cost of long-term holding. The exchange supply has increased from 4.2% to 4.6% over the past 10 days, with 500k ETH flowing in, and selling pressure is accumulating.