#HYPEOutperformsAgain

#HYPE再度领涨

HYPE surged another 15% on May 22 to $58.97, lifting year-to-date gains to 134%. The bears who shorted this rally learned the hard way — over $30.6 million in short positions got liquidated in 24 hours.

🔹 Shorts Crushed — Funding Rate Flipped Negative

Funding rates turned sharply negative on May 18 and 19 as bears piled in, betting the rally would collapse. Price refused to drop. Shorts got squeezed, forced to buy back at higher prices, and that buyback frenzy became rocket fuel for the next leg up. Within 12 hours alone, roughly $21 million in shorts evaporated. The 24-hour tally hit $30.6 million. Open interest defied gravity, climbing past $2.5 billion as fresh capital rushed in to replace every liquidated position.

🔹 Loracle — The Face of a Failed Short

The trade everyone is talking about. Loracle, Hyperliquid's largest contract short, deposited 616,000 HYPE as margin and went 5x short. When price kept climbing, the unrealized loss ballooned to $23 million with a liquidation price at $83.34. Loracle dumped $36 million in spot HYPE trying to defend the position. It failed. Total confirmed losses exceeded $6.99 million. Then the account vanished — not renamed, not hidden, fully deleted. A multi-million dollar position reduced to a deleted profile. The market does not negotiate with conviction.

🔹 Institutions Bought the ATH

While Loracle was getting wiped out, institutional wallets were loading up. Grayscale-linked addresses accumulated roughly 682,000 HYPE worth approximately $34.9 million in a single week, including 115,733 tokens bought in one hour. Galaxy Digital grabbed 158,100 HYPE in two hours. A wallet tied to a16z accumulated 918,000 HYPE totaling $356 million, overtaking Paradigm as the largest external holder. Goldman Sachs disclosed a new Hyperliquid position in its Q1 13-F filing while exiting Solana and XRP ETF holdings. Spot HYPE ETFs from 21Shares and Bitwise raked in $25.5 million in a single day, with cumulative seven-day inflows reaching $54 million. Presto Research noted institutions are entering HYPE ETFs faster than they did BTC ETFs on a market-cap-adjusted basis.

🔹 Macro Tailwind — Iran Deal Lifts Risk

May 22 brought an extra boost. Reports of a final draft U.S.-Iran agreement sent oil plunging 5.66% below $100. The 10-year yield dropped 9.4 basis points. Bitcoin reclaimed $78,000. Risk appetite returned across the board, and HYPE, already running on its own momentum, got carried even higher.

🔹 Cooling Signs — RSI Flashes Caution

Price has pulled back from the $62 all-time high to consolidate near $57. The daily RSI is sitting in overbought territory above 80, and analyst Ali Martinez flagged a TD Sequential Combo 13 sell signal. The 4-hour chart is holding a bullish structure, but the daily CCI at 144.57 and SAR bearish signal suggest the rally may need to catch its breath. Volume spiked with the price drop, and contract open interest declined 10.9% — signs of short-term profit-taking.

A short squeeze, institutional accumulation at all-time highs, ETF inflows breaking records, and the largest short on the platform erased from existence. The question is whether momentum carries HYPE into price discovery above $62, or whether the overbought signals force a deeper cooldown.

Friends, are you riding the trend or waiting for the RSI to cool off first?