#HYPE再度领涨 HYPE's recent violent surge is a typical result of the bulls "precisely liquidating" the bears in the battle between bulls and bears. The sharp increase is mainly attributed to two factors: first, strong fundamental support; second, the short positions being squeezed out.

On the fundamental level, HYPE is gaining unprecedented institutional attention. Recently, a16z invested approximately $356 million to significantly increase holdings, becoming the largest external holder; Gray-related addresses purchased and pledged about 682k HYPE tokens in a single week. Meanwhile, spot ETFs launched by 21Shares and Bitwise continue to attract capital inflows. These top-tier institutions keep buying and pledging, effectively locking in market circulation and providing solid support for the price to rise strongly.

On the trading level, it is a classic "short squeeze." From May 18 to 19, many investors established short positions on HYPE due to bearish sentiment, causing funding rates to turn negative. However, driven by institutional buying and positive news, the price not only did not fall but instead entered a one-sided rally, directly forcing short sellers to buy back and close their positions passively. Data shows that within 24 hours, the amount of short positions liquidated reached $30.6 million, accounting for 96.8% of the total liquidations across the network, accelerating the price increase.

Currently, HYPE has approached its all-time high, and market sentiment is extremely euphoric. However, investors should also remain cautious to avoid chasing high at short-term peaks. Potential negative signals such as large-scale unlocking by institutions are also worth paying attention to; do not be blinded by the short-term surge.