#$HYPE #HYPE再度领涨 As of May 22, 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 charted an independent upward trend, once again leading mainstream altcoins.

A classic script of bulls versus bears.
From May 18 to 19, 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.
What’s particularly dramatic is that the largest contract short, Lorace, was forcibly closed at $60.2, with 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 bull-bear shift.
Who is "taking over" after the short liquidations?
The backing force comes from institutional players.
Bitwise and 21Shares launched the HYPE spot ETF on May 18, continuously attracting capital, 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 that of the initial BTC ETF.
Grayscale increased its holdings by approximately 682k HYPE over the past week, with a market value close to $34.9 million.
A whale associated with a16z has been accumulating a total of 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 fuel for the market’s upward movement.
At that point, this bulls-versus-bears script could reach an even higher climax.
Which side are you on? The answer is already quite clear.
$HYPE ‌
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