HYPE has dropped to 53, do you still dare to say this is a wash up? In the past few days, HYPE has transformed from one of the strongest main lines to the most easily shaken target in the entire market The price has been hitting around 53 from its high point, and OI has also been pushed back to the level around May 19th At that time, the price of HYPE was still around $47 So now the market is no longer concerned about whether HYPE can immediately return to 100. Everyone just wants to ask: Is this a leveraged liquidation or has it not fully fallen yet? The most popular one on the chain today should be Wintermute Someone directly mentioned that if you want to know who is selling HYPE at a low price, take a look at Wintermute According to AiCoin's on chain data statistics, Wintermute's related address currently holds approximately 202900 perpetual short positions in HYPE, as well as approximately 21500 spot HYPE. After deducting spot positions, the net exposure is approximately 181400 short positions. From 00:00 on June 10th to now, this address has transferred approximately 341100 HYPE, transferred approximately 482700 HYPE, and had a net outflow of approximately 141600 HYPE. At the same time, it has bid/ask pending orders on both spot and perpetual markets, and recent transactions have also seen the coexistence of short, open, buy spot, and sell spot This is more like inventory management for market makers, rather than simply blindly hitting the market in one direction. But the problem is: Even if it's not a one-sided sell-off, its net exposure is still relatively short at present This has a significant impact on HYPE, which is already very fragile. Clearing data can also explain why market sentiment is so poor In the past 24 hours, HYPE's actual liquidation was about 7.35 million US dollars, with long liquidation of about 7.24 million US dollars and short liquidation of only about 107000 US dollars That is to say, in the past day, most of the bulls were being beaten up The current HYPE price is around $53, with a thick bullish liquidation band below: 50-55 USD is approximately 39.11 million USD, 45-50 USD is approximately 112 million USD, with the largest single barrel at 49-50 USD, approximately 83.85 million USD On the other hand, the liquidation of short positions in the near end above is not thick 55-60 dollars is only about 4.97 million dollars, while 60-65 dollars is about 5.64 million dollars. The truly thick bearish liquidation band is still further away, such as the $70-75 range of approximately $66.47 million, or even the $85-105 range So now the short-term structure of HYPE is very awkward: Falling down, there are a lot of bullish liquidations in 49-50, rising up, but there is not enough bearish fuel in the near end That's also why the area around 53 looks so weak Another more controversial point is that Loricle has not left yet According to AiCoin's on chain data statistics, Loracle currently holds approximately 136600 perpetual long positions of HYPE, with an average opening price of about $70.54. The current floating loss is about $2.36 million, and more importantly, he still has about 892500 HYPE in stock That is to say, this wave of HYPE has fallen, Loracle has not withdrawn, but the account equity has significantly decreased Even more ironic is that some members of the community have uncovered the current HYPE transaction for Loracle: On April 20th, he shorted HYPE around $41; On June 3rd, he was flat and turned long around $70 The result is that I lost tens of millions of dollars by shorting earlier, and now I am also losing money by going long later But even so, he still didn't cut HYPE On one hand, OI has been pushed back to mid May levels, with prices falling to around 53. The net exposure of market making addresses is bearish, and almost all long positions have been liquidated in the past 24 hours On the other hand, large players like Loracle are still carrying the burden, and spot goods have not been smashed. The main narrative of HYPE has not completely disappeared yet So, is it a low-level turnover near 53 after leverage clearance, or a relay before going to the 49-50 clearing zone? If HYPE returns to 55-60, it at least indicates that the proximal throwing pressure is beginning to be consumed But if 53 continues to fall, the market is likely to focus on the long liquidation range of $83.85 million between 49-50 You may not be smarter than Loracle But the problem now is that Loracle itself is also being questioned by the market HYPE Hyperliquid