When BTC was smashed last night, were you also waiting for HYPE to follow suit and make up for the drop? This morning, HYPE directly hit $75.8, setting a new high Meanwhile, Binance just launched US stock and ETF trading last night, and BNB seems to have missed this narrative; And today, the product leader of OpenSea announced that OpenSea will launch its PERP business based on Hyperliquid. One is that BTC has been continuously hit by selling pressure, another is that BNB has not caught the heat of "US stock trading", and the other is that old chain trading portals such as OpenSea have started to connect contract business to Hyperliquid. This makes HYPE's new high today not just 'up again' It's more like answering a question: Who will the market price for the next round of on chain trading entry? The news of WeChat Strategy reducing its holdings of BTC last night amplified the market pressure on BTC, but at the same time, there was a completely opposite on chain signal from HYPE: Bitwise bought about 336500 HYPE worth about $24.43 million in the past 12 hours. If it's just a price increase, many people will feel that it's already expensive; But if, at the same time as the price rises, institutional addresses continue to buy, trading portals such as OpenSea begin to connect, and bears continue to retreat, then it is not just a problem of "rising too much", but the market is re pricing the Hyperliquid trading mainline. If we only look at short-term expectations, many people will still target $100, but on chain data won't lie According to AiCoin's on chain data statistics, the first pressure above HYPE is currently between $75-80, and the liquidation scale of short positions in this area is about $40.81 million. That is to say, as soon as HYPE broke a new high, it immediately stood at the doorstep of the first layer of bearish clearing. Furthermore, there is approximately $160 million of short liquidation for $80-90, $143 million for $90-100, and $227 million for $100-115 A few days ago, everyone was focused on whether Loracle, a big short seller in HYPE, would be squeezed, but now this question has also changed. It is no longer the most easily squeezed big bear According to AiCoin's on chain data statistics, Loracle closed approximately 154200 HYPE short positions between 04:42 and 06:00 on June 1st, with a turnover of approximately $10.96 million and an average closing price of approximately $71.06. It has achieved a loss of approximately $3.94 million. Currently, Loracle has only about 173000 HYPE short positions left, with a position value of approximately 12.85 million US dollars, and the liquidation price has been pulled to around 295 US dollars Loricle is no longer the easiest fuse to ignite in front of us. It is reducing risk, and the reduction is very significant More subtly, it also transferred 8 million USDC to a new address, which has already started accepting multiple orders from HYPE. Although the current position is not large, with only about 11700 HYPE worth about 868000 US dollars, the direction is no longer simply to bear short orders Previously, the market was watching whether Loricle would explode, but now the market may be looking at whether the biggest bear no longer wants to stand on the bear side. Some people may say that HYPE has risen too fast, and after the first layer of liquidation at 75-80 is completed, it may withdraw at any time. Some people may also say that BTC was so weak last night, but HYPE still managed to reach a new high, indicating that it is now moving towards an independent narrative, and there are still a large number of bearish liquidation fuels above 80-90 and 100-115 More importantly, the narrative of Hyperliquid is shifting from 'a strong on chain contract exchange' to 'an underlying market where more trading portals and asset trades can potentially enter'. So the most crucial price for HYPE today is still very clear: Let's first see if 75-80 can stand firm. If we stand firm here, the next market segment is likely to focus on 84-85; Further up, there's the psychological anchor of $100 But if portals like OpenSea continue to connect, Bitwise continues to buy, and big bears like Loracle continue to retreat, then 100 may no longer be just a target price, but will become a midway point for the market to reprice Hyperliquid. The question is, when BTC is bleeding, BNB hasn't caught up with the trading narrative, and HYPE continues to rise to new heights, do you prefer to see it as the final madness, or a new mainline confirmation? HYPE Hyperliquid BTC OpenSea