$HYPE Things are lively on the chain right now, with bulls, bears, and old whales all on stage, none willing to give way to each other.

#HYPE多空博弈

Gray institutions have recently swept nearly 682k HYPE tokens in the past week, roughly $34.9 million, completely unconcerned about whether the price is near a historical high. The spot ETFs by Bitwise and 21Shares saw a net inflow of $25.5 million on May 21 alone. These players' logic for building positions might be simple: buy late, and the position won't be large enough.

Loracle, the hardcore bear, is still holding on stubbornly. A few days ago, he sold $36.76 million worth of spot HYPE to cover margin, and his fivefold short position has already exceeded $103 million. Unrealized losses once reached $23 million. The funniest part is, he also placed a new short order near $64 with $75 million, right above the position where the old whale just dumped. This move is almost like telling the market: Come at me!

Nansen's data shows that a top 100 holder suddenly reduced their holdings by 17.57%. Even more dramatically, an old whale that had been dormant for eight months woke up and threw in 6.38 million USDC at around $63. The institutions are buying, buying, buying on one side, while the old whale is selling on the other, and only Loracle is taking the hits.

On May 29, another 14 million HYPE tokens will unlock, of which 6.6 million belong to insiders. The unlocking spectacle is about to begin—whether it will lead to a short squeeze or a bear reversal, no one knows.