BTC has already pulled back to 6w5, why hasn't HYPE kept up with this wave? In theory, if it's just a rebound in the stock market, HYPE, a strong narrative target that was even called 100 or 500 a few days ago, should bounce faster than anyone else But it is still stuck around 66-68, and there are sufficient reasons for pressure and power. Let's analyze them one by one. First, let's talk about pressure Altura's stablecoin earnings vault on Hyperliquid L1/HyperEVM has processed over 8.5 million USDT redemptions in the past 24 hours and subsequently announced the start of a wind down. This vault has a TVL of approximately 32.36 million US dollars and an APY of approximately 17.49% This certainly does not mean that HYPE itself has collapsed, but it has indeed brought the Hyperliquid ecosystem risks to the forefront In addition, the unlocking pressure is not over yet. According to on chain data statistics, the next HYPE unlocking will be on July 6, 2026, and currently about 222.4 million have been unlocked, accounting for about 22.24% of the total. This means that HYPE is not facing a clean rebound environment today On one hand, there is BTC repair, while on the other hand, there is ecological redemption, unlocking pressure, and high leverage long positions washed away after the previous high drawdown. But the problem is that on chain buying has not disappeared either According to AiCoin's on chain data statistics, HYPE's net sales in the next hour are still about $523000, indicating that short-term selling pressure is still present; But over the next 24 hours, TWAP's net purchase returned to approximately 399600 US dollars. Currently, there are 13 active buyers of TWAP and only 4 sellers of TWAP; The remaining balance of the buy order is about 986500 US dollars, and the remaining balance of the sell order is about 586900 US dollars This indicates that HYPE is no longer a one-sided market trend, but more like washing away the selling pressure and chasing after the rebound of BTC Many people are definitely still paying attention to whether the whales have any position adjustments According to AiCoin's on chain data statistics, the current largest long holder of HYPE still holds about 1.38 million HYPE, with a position value of about 91.38 million US dollars, an average opening price of about 38.67 US dollars, and a floating profit of about 38.01 million US dollars The Loracle related addresses are still on the market, with one HYPE multi position of approximately $24.26 million and an average opening price of approximately $60.93. Currently, there is still a floating profit of approximately $1.93 million On the other hand, the bears have not been completely eliminated. There are still multiple HYPE short positions in the current key addresses, with a maximum short position of approximately $36.36 million and a liquidation price around $103.97 BTC has pulled back to 6w5, and the market has given reasons for a rebound. However, there is redemption pressure on the ecosystem, and unlocking narratives are still suppressing emotions. But TWAP buying is still there, and most stocks have not withdrawn yet If HYPE rebounds to 68-70 in the short term, the market will begin to understand this wave of not following the rise as a turnover; If it can't hold around 65, it means BTC has given a rebound window and HYPE hasn't caught it on its own There are actually many reasons for both long and short positions, depending on which side you believe in Is it a wash up before the next round of price hikes, or is HYPE's upward momentum insufficient? Emotions depend, but on chain data can better reflect the real situation HYPE Hyperliquid