#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 crushing the bears contributed approximately $30.6 million in futures liquidations.

The core driver of this violent surge is a textbook short squeeze. From 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 further price increases.

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 momentum.

On the other side of the liquidation bloodbath, institutions actively added 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 entering HYPE is even faster than during the Bitcoin ETF boom.

External macro signals also provide indirect support. On May 22nd, the final draft of the Iran-U.S. agreement was reached, easing geopolitical tensions and boosting overall crypto market risk appetite. 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