Why did CZ come out to discuss the regulatory risks of Hyperliquid at this critical moment, and where should HYPE go next? Yesterday, the market was still discussing the new high of HYPE, but today the topic suddenly changed to: Will Hyperliquid, a no KYC, high leverage, and on chain sustainable model, be targeted by regulators sooner or later It seems that the price pullback of HYPE last night will be interpreted as CZ's recent public statement leading to But on the other hand, has HYPE started to pose a threat to CEX? HYPE has fallen back from around 73 to around 71, and in the past 24 hours, it is no longer the explosive short structure of yesterday, but more bulls have been cleared According to AiCoin's on chain data statistics, the current HYPE price is about $71.15, with OI still at $1.276 billion, ranking second in the market for OI, only behind BTC, and continuing to be higher than ETH That is to say, HYPE has fallen, but the leverage heat has not dissipated. In the past 24 hours, HYPE has actually liquidated about $3.0155 million, of which long liquidation is about $2.6234 million, accounting for about 87% This indicates that yesterday it was the short positions that were hit, and today it is the high leverage long positions that are washed away. HYPE did not control the short positions all the way and squeeze upwards, but first washed away a batch of chasing high long positions after the regulatory narrative came out But the problem is that on chain buying orders have not disappeared along with it The market is currently debating which one is more compliant, CZ, Aster, or Hyperliquid; On the other hand, TWAP data is quite fierce, with HYPE showing a net TWAP of $30 million last night If it were just a regular callback, there wouldn't be such obvious programmatic buying orders continuing to queue up when regulatory pressure is being discussed The liquidation band is also clear: the long liquidation band below is about $628 million, and the short liquidation band above is about $726 million If we continue to move forward, 64-65 and 62-63 are more obvious bullish clearing areas; If there is a rebound, the first proximal pressure is between 79-80, and the truly thick positions are between 91-92, 95-98, and 102-104 Today's HYPE is not simply a 'CZ bearish', it's more like a narrative stress test: Regulatory narrative is responsible for creating panic, TWAP buying is responsible for answering whether anyone has taken over, and more subtly, large positions are still present HYPE is still the second largest contract in the entire market, with OI surpassing ETH; The largest long position still holds about 1.38 million HYPE, with a position value of nearly $98.18 million, an average opening price of about $38.67, and a floating profit of about $44.81 million Meanwhile, a16z affiliated entities are still buying HYPE. Last night, 88350 HYPEs worth approximately 6.4 million US dollars were raised from multiple exchanges; The total amount of warehouse construction since 2026 is approximately 340 million US dollars If the regulatory narrative cannot dispel the $1.276 billion OI, nor can it suppress the 24-hour buying pressure of approximately $29.9 million TWAP, is this pullback a peak, or will it continue to change hands after washing away the leveraged bulls? In the short term, let's first see if 70 can be held. If not, 64-65 and 62-63 will be targeted by the market. Hold on and stand back at 73-75, and the short liquidation zone of 79-80 will become fuel again. On one hand, CZ puts regulatory risks on the table, while on the other hand, on chain funds continue to queue up to buy Will regulatory narratives crush HYPE, or has the data on the blockchain not been fully purchased yet? HYPE Hyperliquid Aster