Sorry, I spoke too loudly yesterday. BTC broke 60000 last night, and I thought HYPE would follow suit and fall below $60. However, HYPE actually rose a little bit That's the question: BTC has already broken 60000, why hasn't HYPE continued to drop? As usual, let's start with the most intuitive on chain data for analysis According to data on the AiCoin chain, the giant whale 0xEe0A18B394ecE1D7bE81Be15d6cEc3Ac7707b71C is transitioning from ETH to HYPE Two weeks ago, this address sold all 3065 ETH, about 5.92 million US dollars, and left at a loss of about 380000 US dollars But in the past two days, it has bought 100392 HYPEs for about 6.69 million US dollars Now this address holds 497212 HYPEs worth approximately $30.93 million, with a floating profit of approximately $8 million That is to say, when BTC broke through, the market was not only in panic trading, but also the whale was switching its ETH position to HYPE Based on the repurchase strength of HYPE and the inflow data of ETFs, this is not surprising. If it were you, you might have to find a few reasons not to buy to comfort yourself that you will definitely be in the car next time According to AiCoin's on chain data statistics, the current HYPE OI is about 1.077 billion US dollars, and the official main market OI ranking is still second only to BTC, continuing to be higher than ETH The price hasn't fluctuated much, but the leverage on the table is still there In the past 24 hours, HYPE has actually cleared approximately 3.112 million US dollars, of which long positions cleared approximately 2.826 million US dollars, accounting for approximately 90.8%. That is to say, today's focus is still on clearing excess amounts, but compared to yesterday's unilateral clearing excess of about 6.915 million US dollars, the liquidation scale has significantly decreased The pressure around 62 in yesterday's HYPE round has already washed away a batch of high leverage bulls Looking at TWAP again HYPE bought about $1.515 million in the past 30 minutes, sold about $137000, and net bought about $1.378 million. Within an hour, HYPE bought about 1.883 million US dollars, sold about 249000 US dollars, and net bought about 1.634 million US dollars. On the contrary, BTC still sold slightly in one hour, with a net amount of approximately -134000 US dollars. That is to say, BTC is still weak, but HYPE is starting to show more obvious buying interest. Although it cannot be said that HYPE is completely safe, it at least indicates that there are still many funds waiting to receive the goods The large positions have not yet been liquidated The current largest HYPE long position still holds approximately 1.38 million HYPEs, with a position value of approximately $88.02 million, an average opening price of approximately $38.67, a liquidation price of approximately $53.88, and a floating profit of approximately $34.65 million Loracle's related addresses are still on the market, holding approximately 366400 HYPE long positions with a value of approximately $23.37 million. The average opening price is approximately $60.93, with a floating profit of approximately $1.04 million But the bullish liquidation band below has not disappeared yet The current long liquidation band below HYPE is about 546 million US dollars, and the short liquidation band above is about 645 million US dollars. If we continue to move forward, the closest focus should be on 57-58, 54-55, and 53-54. Among them, the long liquidation of 53-54 is close to $100 million This is also the most sensitive reason for the maximum long liquidation price around 53.88 But if HYPE can regain its position at 65 and continue to push towards 75-79, the bearish liquidation band above will be re targeted by the market; Further up, 89-90, 91-92, and 95-96 are the truly thick positions Yesterday, BTC rebounded and it didn't follow. Today, BTC broke 60000 and it didn't continue to collapse. On the contrary, some people switched positions and bought at this position. Although it's hard to figure out, on chain data can still prove some market sentiment Is this another high-level turnover by HYPE, or a short-term pullback during the market downturn? Sorry, I spoke too loudly yesterday If BTC has already broken 60000 and HYPE is still around 63, then today it may not be asking 'can we still get on the car?' Did this car not even plan to wait for you for too long? HYPE Hyperliquid