The decentralized derivatives king $HYPE , which recently hit a $75 all-time high, ultimately couldn't withstand the ruthless backstabbing from the big players. After Arthur Hayes openly cleared his entire $18 million position last night, the entire network's bullish confidence was severely damaged, with the price plummeting nearly 10% within the day, currently around $60.13 - $65.63!

Leading the exit:
Arthur Hayes explicitly stated, "The high has been reached, it's time to take profits," and threatened to switch to the AI track. This kind of influential figure completely dumped the market, directly breaking the previous bullish consensus.
Technical breakdown:
The chart ruthlessly broke through the $70 core support line that had been defended for days, turning strong support into a heavy ceiling. The 4-hour MACD showed a death cross at high levels, diverging downward, and short-term bulls have completely lost dominance.
Systemic market drain:
In the liquidity winter where Bitcoin and altcoins are collectively trapped in "extreme fear," even with Bitwise's $55 million pledge to support the market, it’s difficult to resist the systemic downward pressure caused by the mass liquidation of long positions and the "kill zone" of existing funds.
Trading advice: Never blindly buy the dip on the left side! The retail investors who bought at high levels are still being squeezed out, and currently, the daily chart is testing the key support at $62 - $64 (20-day EMA). If it cannot recover $68 within the day, the space below will be completely torn open, and a technical deep correction may accelerate.