$896 million annual revenue, 12 months of data laid out here, what exactly is the purpose of shorting?

CryptoWorld News: Bitcoin prices have remained around $77,000 for the fourth consecutive day, while Hyperliquid's native token hit a new high of $59.30 on Thursday, and derivatives data suggests a potential short-term squeeze. The current long-short ratio is 0.89. More accounts have started shorting this token for the first time since January. The funding rate has turned negative, and $33.5 million in short positions has been liquidated—far exceeding the $2 million in long positions. This rebound is backed by strong fundamentals. Over the past 12 months, the protocol generated more than $896 million in revenue, with 97% of trading fees used for token buybacks. In addition, 21Shares and Bitwise plan to launch a Hyperliquid ETF on Nasdaq on May 12, attracting more than $5 million in early fund inflows. Coinbase and Circle have also pledged to stake HYPE to activate the protocol upgrades.