When the market crashed yesterday, were you still waiting for HYPE to return to 50? As a result, it only hit $56.25 and then pulled back around $62. What's even more appetizing is that the market is watching whether Loracle's 893K HYPE, which has just been released from the bet, will smash the market. However, what we are currently seeing is not that it will smash the spot, but that it has reduced some short orders first. BTC and ETH were smashed yesterday and are still far from their original positions, but HYPE has been pulled back from around $56.25 to $62. I didn't expect the fix to be so fast According to AiCoin's on chain data statistics, the main market transaction volume of HYPE in the past 24 hours was about 815 million US dollars, with active buying accounting for 52.94%, shifting from being idle last night to having a buying advantage. More importantly, while the price rebounded, HYPE's holdings increased by about $67.12 million, and the current OI is about $1.248 billion. That is to say, last night's incident did not break up HYPE's long positions. Throughout last night, HYPE's long positions were liquidated almost to zero, while its short positions were liquidated by approximately $1.02 million. In the early hours of the morning, a group of bears were the first to be eliminated. The person who waited for it to hit back $50 yesterday hasn't waited yet From the perspective of the liquidation zone, the real bullish minefield below is actually around 49-50 US dollars, with a single liquidation scale of about 92.22 million US dollars; The range of 45-50 US dollars totals about 123 million US dollars, which is the hardest line below. As long as HYPE does not fall back to around $50, the bullish structure has not been truly penetrated yet Looking at the top again, the liquidation of short positions between $80 and $100 is significantly thicker, with the $90 to $100 range accounting for approximately $196 million and the $91 to $92 range accounting for approximately $116 million. This is currently the largest bearish minefield above. That's also why Loracle's actions are so closely monitored by the market Loracle remains the largest HYPE bear, with approximately 1.7464 million short positions and a position value of approximately $108 million. The average price is $45.37, and the liquidation price is around $91.18, resulting in a floating loss of approximately $28.59 million. Last night when we were watching, Loracle had approximately 1.8079 million HYPE empty orders; Now it has dropped to 1.7464 million, a decrease of about 61500. At 04:02, it was noticed that Loracle had started reducing his HYPE short position, with an amount of approximately 1.346 million US dollars. More subtly, there is external discussion about whether Loracle's just released 893K HYPEs, worth over $50 million, will be used to smash the market. But currently it has not directly hit this part of the spot, but has taken action on empty orders first. This makes the market even more divided Those who are bearish will say: Loracle still has a large amount of HYPE in stock, and Galaxy Digital also reduced its holdings of 1 million HYPE this morning. The selling pressure has not disappeared Those who are bullish will say: The market is hitting so hard, HYPE hasn't fallen back to 50, OI is still increasing, and the bears are clearing early in the morning. The biggest bears are also starting to reduce their positions, which is not like the performance of weak coins So the most crucial price for HYPE today is actually very clear: Look at 49-50 below, and 91-92 above If HYPE falls back to 49-50, that will truly test the bullish life and death line But if it continues to hold around 60, the market is likely to refocus its attention on the bearish minefield above, especially the clearing line near Loracle's 91 The person who waited for HYPE to return 50 yesterday is still waiting now The question is, will the market give this opportunity? HYPE Hyperliquid