#HYPE再度领涨 As of May 22nd, HYPE surged another 15% in a single day to reach $58.97, a 134% increase year-to-date. While the entire market remains in a panic zone, HYPE has broken out with an independent upward trend, once again leading mainstream altcoins.

A classic script of bulls versus bears.

From May 18th to 19th, funding rates turned significantly negative, with many shorts betting on a price decline, but HYPE did not fall; instead, it rose, triggering a textbook short squeeze. In the past 24 hours, short positions were liquidated for over $30.6 million, while longs were only liquidated for $1.08 million, a huge disparity. Dramatically, the largest short contract, Lorace, was forced to manually close at $60.2, incurring a confirmed loss of over $6.99 million, after which the X account was directly canceled. An early contributor was forced to "delete their account and leave," exemplifying the current shift in bulls and bears.

Shorts liquidated, who is "taking over" the position?

The behind-the-scenes force comes from institutional players. Bitwise and 21Shares launched the HYPE spot ETF on May 18th, continuously attracting funds, with a single-day inflow of $25.5 million, and a total inflow of about $54 million in the first seven days. After adjusting for market value, the inflow rate is even faster than the initial Bitcoin ETF. Grayscale increased its holdings by approximately 682k HYPE in the past week, with a market value close to $34.9 million. A whale associated with a16z has accumulated 3.17 million HYPE since April, with an unrealized profit of $33 million. Institutions are quietly increasing their positions amid chip clearing—retail investors are hesitating over whether to wait for a pullback, while the institutions' accumulation zone is already above all-time highs.

Looking ahead: the short squeeze may not be over yet.

Loracle still holds about $104 million worth of 5x short positions that have not been liquidated, with unrealized losses exceeding $22 million. If the price continues to rise to around $83.3, it will trigger forced liquidation, providing new upward momentum for the market. At that point, this bulls-and-bears script could reach an even higher climax.

Which side to stand on, the answer is already quite clear.