Nasdaq invested $100 million in Kraken's parent company, but HYPE fell below $80 first Yesterday we just said that if the $79 falls, HYPE may search for liquidity in the range of $77 to $73 through liquidation Today, the price has reached around $78.91 Let's talk about the news from Nasdaq first According to Bloomberg, Nasdaq plans to invest $100 million in Payward, Kraken's parent company, at a valuation of approximately $21 billion Earlier, we discussed that there are already multiple connections between Payward and Hyperliquid, and Payward's xStocks has entered the Hyperliquid spot market; Meanwhile, Payward has also been revealed to be in deep negotiations with Hyperliquid, hoping to provide partial perpetual contracts to US users through Bitnomial, which is regulated by the CFTC Simply put, Nasdaq is investing in Payward, but Payward is becoming an important channel for Hyperliquid to connect tokenized stocks, US derivatives, and traditional finance This will strengthen the long-term expectation of Hyperliquid entering the United States, but it will not immediately become a HYPE buy, nor does it mean that the related products have obtained regulatory approval, but the importance is self-evident So the news is big, but the price hasn't risen immediately The short-term market is still dealing with the leverage structure after HYPE fell below $80 Continuing to decline by 2% from around $78.94 to $77.36, corresponding to a long liquidation of approximately $2.9 million Falling 5% to $74.99, with accumulated long liquidation of approximately $28.6 million; Down 10% to $71.05, with a cumulative total of approximately $76.5 million; If it falls by 15% to $67.10, the potential liquidation size of long positions will expand to approximately $220.5 million The current largest near end liquidity accumulation area is located near $67.47, corresponding to a potential liquidation of approximately $109.9 million In addition, the current largest HYPE open position is still a multi order of approximately $109.15 million, with an average opening price of approximately $38.68, a floating profit of approximately $55.78 million, and a strong parity of approximately $70.23 This does not necessarily mean that the price will fall to $70, but once $75 falls, the liquidation scale between $71 and $67 will rapidly increase Above is another set of structures HYPE rebounded 5% to $82.89, which may trigger short liquidation of approximately $23 million; Rising by 10% to $86.83, corresponding to approximately $26.2 million; Up 15% to $90.78, corresponding to approximately $28.8 million That is to say, it is not enough for HYPE to regain its position at $80. In the short term, it needs to recover at least $83 in order to use bearish clearing to push the price towards a repair of $87 to $91 At present, the potential long liquidation below is significantly higher than the short liquidation above, indicating that the main risk in the market has shifted from "continuing to push short after breaking through a new high" to "whether the long leverage will continue to be cleared after falling below $80" But on the chain, it is not completely bearish. The profit wallet currently holds about $633.5 million in HYPE long positions, higher than about $358.6 million in short positions. Smart Money is still relatively bullish overall The problem is that the more people who are bullish, the more concentrated their positions become. Once a key position is lost, there will be more chips that need to be passively sold Although the long-term narrative is becoming larger, short-term prices still need to pay for leverage HYPE Hyperliquid Nasdaq Kraken