Yesterday I was still asking: Is there anyone waiting for the $40 HYPE? Sorry, the question was too loud. HYPE pulled back around $67 last night I won't ask today, after all, besides the price, HYPE has many other things worth paying attention to The Hyperliquid team has released unlocking data for July, and the team will unlock approximately 452000 HYPEs in July. Looking at historical data, this number is not exaggerated: it was 1.75 million in December last year, 1.2 million in January, and 533000 in June (no longer listening to AI analysis unlocking 9 million pieces every month) So this July is just a moderately small unlock in the normal rhythm On the other side that you may not know, the supply of HYPE is actually continuously shrinking According to on chain data statistics, approximately 46.6884 million HYPEs have been permanently destroyed, accounting for approximately 4.669% of the total. Among them, the Assistance Fund accounts for the vast majority, with approximately 45.51 million HYPEs; Approximately 852700 HyperCore protocols were destroyed, and approximately 324500 HyperEVM gases were destroyed Most people are still watching price fluctuations, but in fact, its supply has been continuously and significantly reduced. The supply is decreasing while demand continues to grow, which is the most severe aspect of the HYPE deflation mechanism So while the market is focusing on unlocking, it actually ignores that HYPE has already had nearly 5% of its total amount permanently removed Let's take a look at the market again According to AiCoin's on chain data statistics, the current HYPE OI is about 1.186 billion US dollars, still ranking second in the entire market, second only to BTC; The proportion of bulls is about 55.43% After last night's rebound, the actual liquidation within 24 hours was about 691000 US dollars, almost all of which came from short liquidation. Yesterday, the bulls were slowly worn down, but today it's the other way around. HYPE rebounded, and most of those who were hit were bears However, it should also be made clear that this is not the kind of over ten million level short selling The settlement amount is not large, indicating that it is not yet a 'violent buying', but more like the batch of chasing after stocks around 60 was cleared first The short-term structure is also very clear The more obvious ones at the upper end are 74-75, with a short liquidation of approximately 11.295 million US dollars; The total amount of 78-81 is about 55.65 million US dollars, and going up to 88-89 is a big deal The maximum below is still 53-54, and the single level has reached about 108 million US dollars So today's HYPE is not just a simple sentence of "unlocking bearish sentiment", nor is it a simple sentence of "supply deflation is bound to rise". The large positions are still on the market The current largest HYPE long position still holds approximately 1.38 million HYPEs, with a position value of approximately 91.987 million US dollars, an average opening price of approximately 38.68 US dollars, a liquidation price of approximately 53.99 US dollars, and a floating profit of approximately 38.613 million US dollars Yesterday everyone was asking: Will HYPE go to 40 Today's question may need to be changed: if BTC is still below 60000 and HYPE can still pull back to 67, is the market waiting for unlocking and smashing the market, or is it re pricing HYPE's supply contraction? However, a reminder here is that the 53-54 area below is the maximum long liquidation zone, which is also near the maximum long liquidation price If HYPE regains its position at 67 and continues to push towards 74-75 and 78-81, the bearish liquidation band above will once again become fuel In a situation where BTC is so weak, HYPE has already pulled it back Will you continue to wait until you reach 40? HYPE Hyperliquid