Last night, many people were waiting for an opportunity: BTC has hit around 66000, should HYPE follow suit with a decent correction? It's better to drop a little deeper and give a place to get back on the car Embarrassingly, the market didn't give too much time. HYPE did fall below 70, but it was quickly bought back below 70 and returned to above 70 this morning In fact, during yesterday's downward kill, the bulls below had already been swept around a large circle, but several of the most story telling big bears have reversed, which makes the fundamentals very interesting. The data on the chain can present the entire storyline very well According to AiCoin's on chain data statistics, HYPE cleared/liquidated a total of $108 million last night, with long positions accounting for $95.6 million and short positions accounting for only about $12.06 million That is to say, last night's move was not about not killing bulls, but about having already killed one round, with the largest one hour occurring from 03:00 to 04:00, with a clearing turnover of about 62.6 million US dollars, mainly concentrated on the bulls side. A group of bulls around 70 have been swept away. But after the clearance, why didn't the price continue to decline? This makes today's structure very subtle: those who want to wait for a deep drop haven't arrived yet, the bulls below have already been cleared, while the bears above are still piled up Currently, HYPE is around $70, with approximately $39.68 million of bearish liquidation pressure remaining above $70-80; 80-90 USD is approximately 147 million USD, 90-100 USD is approximately 163 million USD, and 100-115 USD is approximately 179 million USD. That is to say, there is still about $489 million of bearish liquidation pressure above the entire range of $80-115 But more importantly, the Loricle line has completely reversed Previously, the market focused on whether Loricle would be penetrated by HYPE; Now it's no longer the big bear that carried it to death According to AiCoin's on chain data statistics, Loracle had about 171500 HYPE short orders left yesterday, and today it has become holding about 82200 HYPE long orders. It first liquidated the remaining 171200 HYPE short positions around $74, with a recognized loss of approximately $4.91 million; In the early hours of the morning, he opened about 80200 HYPE multiple orders with a backhand around $70.2. This action is very interesting If it's just a price rebound, the market may say it's a short-term repair. But a big bear that has been watched by the entire market for so long, who just recognized a loss and took a long position around 70, can be explained by more than just the word 'rebound'. In addition, we also found yesterday that he has started small-scale operations with a new address. It's more like telling the market: at least in its eyes, the area around 70 is not a place to continue smashing In addition, Hyperliquid has an early employee's address, which was around $26 for HYPE last year. After receiving their salary, they sold their current stock and stacked short positions; Now around $70, HYPE is closing short positions and shifting towards a bullish structure. According to AiCoin's on chain data, this address is currently mainly exposed in HYPE spot/lending, with a total of about 26700 HYPE long positions, estimated to be around $1.87 million at around $70 The scale is not the largest, but the controversy is strong: selling for $26, then selling for over $70 and then selling again Why did BTC smash so fiercely, while HYPE only gave such a shallow callback? Those who are bearish will say that the long position was cleared of $95.6 million last night, and 70 is not safe here. Pull it back now, it may just be a draw after liquidation Those who are bullish will say that it is precisely because the market is so poor and has already cleared one round below that HYPE can still return to above 70, coupled with the iconic bearish reversal of long positions like Loracle, that the market structure is not so weak External narratives are also coordinating WSJ describes Hyperliquid as the "convenience store" of Wall Street, and the market is still discussing HYPE's nearly $15 million buying spree during the market downturn. BTC is bleeding, but HYPE's discussion has not cooled down, instead it is increasingly focused on one issue: Below 70, why is someone picking up so quickly? It seems that the most critical position for HYPE is still 70. If 70 falls again, last night's pullback may just be a backlash after liquidation. But if 70 can stand still, the market is likely to look back at 80-90; Further up, there is a thicker bearish liquidation band of 100-115. Last night, those who were waiting for a deep drop had the right direction, but the market did not give them the depth they wanted So, is this just a rebound that hasn't fully penetrated, or has HYPE emerged from its strong structure during the market downturn? Is Loracle's backhand long around 70 the final high chase, or is this round of HYPE mainline not over yet? HYPE Hyperliquid BTC