Is there anyone waiting for the $40 HYPE again? A few days ago, Multicoin Capital wrote the bull market price of HYPE to $689, and then Bitwise pledged 1.775 million HYPE, about $114 million, to Hyperliquid It sounds quite fierce But the problem is that the price of HYPE has not changed much in the past two days, and even dropped a bit. TWAP has not shown the tens of millions of net purchases like last week So institutions have started to take action, why is the price still grinding around 60? See how on chain data speaks According to AiCoin's on chain data statistics, the current HYPE price is about $60.95, with a bullish clearing band below of about $514 million, involving 6693 addresses; The bearish liquidation band above is approximately $634 million, involving 4284 addresses In terms of amount, the short position above has thicker fuel, but there are more addresses below, indicating that the area around 60 is not a clean bottom If we continue to move forward, the total liquidation of the near end 57-59 is about 14.89 million US dollars, which is not particularly large; The true position of Zhengda is still 53-54, where there is about 95.197 million US dollars of long liquidation So don't just wait to go to 40 to pick up the goods as soon as you arrive. The market really needs to go down, and the first level is mainly between 53-54. Going deeper, there is indeed a batch of liquidation zones near 38-41, with 38-39 accounting for approximately 31.427 million US dollars and 40-41 accounting for approximately 30.196 million US dollars That is to say, waiting for 40 is not completely impossible, but there is still a whole 53-54 battlefield in between. It depends on how you choose In the past 24 hours, HYPE's actual liquidation was only about 329000 US dollars, all of which came from long position liquidation This is not on the same scale as the liquidation of millions or even tens of millions a few days ago, indicating that there has not been a large-scale stampede today, and more small leverage has been slowly worn down TWAP is also very restrained, with HYPE buying about $169000 in the past 30 minutes, selling about $89000, and net buying about $80000; Pulled to 1 hour, bought about $286000, sold about $102000, net bought about $184000 It's a net purchase, but not a large order, let alone the strong buying trend that can be seen at a glance like last week. That is to say, today's HYPE has not collapsed, but it is not strong enough to ignore the price weakness But if we only look at the HYPE price, we may misjudge the popularity of Hyperliquid itself According to on chain data statistics, the number of active 24-hour traders on Hyperliquid has reached a new high of 258123 This indicates that although the price is grinding around 60, Hyperliquid's trading participation is still reaching new highs. Currently, the market is discussing FUDs such as KYC, HIP-3 deployer issues, and HIP-4 failures; On the other hand, the number of active traders on Hyperliquid is reaching a historic high 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 $84.121 million, an average opening price of approximately $38.67, a liquidation price of approximately $53.97, and a floating profit of approximately $30.747 million The new address related to Loracle is still in the long position, holding about 366400 HYPEs with a position value of about 22.33 million US dollars. The average opening price is about 60.93 US dollars, which is basically close to the cost line. The floating profit is only about 7205 US dollars left But the short-term market did not explode along with it According to AiCoin's on chain data statistics, HYPE's current OI is about 1.074 billion US dollars, still ranking second in the entire market, only behind BTC and slightly higher than ETH; The proportion of multi headed OI is about 54.38%, which is not extremely crowded, but still relatively high So, the long-term narrative is becoming stronger, institutional funds are coming in, Multicoin has raised the valuation table to 689, and Bitwise has also begun to incorporate HYPE into its staking logic But the short-term market did not explode along with it If 60 cannot be held, 53-54 will immediately become the core position watched by the entire market, especially with the maximum long liquidation price around 53.97 But if HYPE returns to 65 and pushes towards 70-80, the bearish liquidation band above will be reignited; Further up, 83-84 is the larger tier So are you waiting for a HYPE of $40, or are you waiting for someone else to continue taking away chips around $60? HYPE Hyperliquid