Are you still waiting for the $40 HYPE? The chain has already started using funds to speak up The most popular script in the past few days should be: HYPE returns to 40-45 first, and then re attracts funds But HYPE didn't choose to follow this script, it had already reached around $68 last night If you only look at the price, this can certainly be explained as a rebound, but on chain buying will tell you where the funds are going According to AiCoin's on chain data statistics, the current TWAP buying by HYPE is very obvious In the HYPE TWAP identified last night, it is expected to buy about 32.4584 million US dollars and sell about 4.3038 million US dollars in the next 24 hours. That is to say, based on the current queue estimate, there will be approximately $28.1546 million in net buying orders in the next 24 hours We also discovered in advance that a giant whale on the chain had started using TWAP to estimate a total purchase target of approximately $20 million for HYPE at address 0x469e9a7f624b04c24f0e64ef8d8a277e6bf58a5, with an execution rate of approximately $248000 per minute at one point So when the market was still waiting for 40, what really happened on the chain was: Someone is still queuing up above 60 to buy, and this information is more important than "the community is calling 100 again" because the order can change at any time, but TWAP is the funds that have already entered the execution path Ironically, a few days ago, the market was still discussing Hayes selling HYPE repeatedly. After he cleared HYPE and NEAR, many people saw this as a signal that the HYPE mainline was cooling down But now HYPE has pulled back from 53 to 68, NEAR has also undergone repairs, and even some people joke about ZEC: Hayes almost doubled the price after selling ZEC around $300 So now the market sentiment has changed. The question from a few days ago was: Hayes has already sold out, is HYPE finished? Today's question has turned into: If HYPE can still stand back at 68 after Hayes sells out, who is taking on this round of buying orders? At least a portion of the answers provided on the chain are TWAP buying orders Another noteworthy change is the increasing number of external entrances Moomoo, a subsidiary of Futu, has integrated perpetual contract market data on the Hyperliquid chain. This means that users can search for SPCX or SPCX-USDC in the Moomoo App and see results marked with Perp, as well as corresponding information such as price, trading volume, and open interest At present, it is only a market display and not a trading entrance, but this change is crucial: Traditional securities firms and mainstream investment apps are starting to incorporate Hyperliquid's on chain price discovery into their interfaces. Previously, Hyperliquid was more like a high-frequency trading platform within the Crypto community Now it is starting to become a window for external markets to observe expected prices Especially in on chain perpetual markets such as SPCX, TSLA, NVDA, and SP500, they are essentially undertaking some of the "24/7 expected price discovery" functions What does this have to do with HYPE? HYPE is not just an exchange token. If Hyperliquid becomes the on chain price layer for more and more assets, then HYPE is not only betting on transaction fees, but also on the degree to which the entire Hyperliquid market is used externally You are still waiting for 40, but HYPE has already returned to 68 today, so can it still go to 100? Emotions can induce you, but on chain funds won't HYPE Hyperliquid