#HYPE再度领涨 As of May 22nd, HYPE surged 15% in a single day, reaching a high of $58.97, with a year-to-date increase of 134%. In the past 24 hours, this bullish rally that crushed the shorts contributed approximately $30.6 million in futures liquidations.

The core driver of this violent surge is a textbook short squeeze. On May 18th to 19th, funding rates turned significantly negative, with shorts betting on a pullback, but instead, the price rose, forcing shorts to close positions and cover, which in turn fueled the upward momentum.

The most classic victim was the largest contract short, Loracle: he was forced to manually liquidate when HYPE surged again, losing over $6.99 million, and subsequently deactivated his X account. But even after dumping $36 million in spot sell orders to cover, he couldn't stop HYPE's upward trend.

On the other side of the liquidation bloodbath, institutions actively increased their positions at the top. According to Lookonchain, over the past week, Grayscale-related wallets accumulated more than 682k HYPE tokens (about $41.6 million). The two spot HYPE ETFs launched by Bitwise and 21Shares saw a net inflow of $25.5 million on May 21st alone, with a total inflow of $54 million in the seven days before listing. Presto Research pointed out that, adjusted for market cap, institutional capital entered HYPE at a faster rate than Bitcoin ETFs did back in the day.

External macro signals also provide indirect support. On May 22nd, the final draft of the US-Iran agreement was reached, easing geopolitical tensions and boosting overall risk appetite in the crypto market. Bitcoin briefly reclaimed the $78k level, providing a relatively friendly trading environment for HYPE and other altcoins to lead the rally.

Currently, the well-known short Loracle still holds a 5x short position of 1.82 million HYPE (about $104 million), with an unrealized loss of approximately $22 million. His forced liquidation price has been pushed up to around $83.33. The bullish momentum and short squeeze are still advancing along the same valuation line. While the market debates whether to chase the current price or not, institutions have already demonstrated which side they are on with concrete actions. $HYPE