Yesterday we didn't talk about prices, but HYPE actually went up Why don't we talk about the price today After all, apart from the price, there is still a lot HYPE can talk about, and we can't finish talking at all Yesterday we talked about how Hyperliquid transfers every penny in the ecosystem back to HYPE. Today, we can continue to ask: If the market starts treating every interaction you make as HYPE's next airdrop qualification; If every transaction, gas, builder interaction, HIP-4 attempt you make yourself personally involved in the entire ecological cycle, would your view of HYPE be different again? Recently, the community has started discussing the second Hyperliquid airdrop On November 29, 2024, Hyperliquid's first airdrop distributed a huge value to 94000 users. Many people later realized that what they received was not a regular airdrop, but an early ticket to an exchange level asset At this time when the Hyperliquid ecosystem is so well-developed, will the next round of hidden points revolve around it HIP-4、HIP-3、Portfolio Margin、Builder Codes、HyperEVM、 Are modules such as stablecoins and HYPE staking being developed? Let me be clear, this does not mean that the second airdrop has been confirmed, nor does it mean that you should blindly brush it But it will change user behavior Especially for the HIP-4 prediction market direction, the current trading volume is still very low. If the community starts to use it as a hidden point entrance, interaction, handling fees, priority fees, and builder income will all be pulled back And many of these actions will eventually go back to HYPE Looking at unlocking and destroying again Many people assume that HYPE unlocking is negative when they hear it. But the data for June is actually more subtle: the aid fund destroyed about 873700 HYPEs, and pledged emissions were about 802700. Looking at the pledged emissions alone, the destruction can already cover them But if we include the approximately 534000 items unlocked by the team in June, HYPE is still experiencing mild inflation, with an additional 460000 items circulating in the market That is to say, HYPE is not an absolute deflation, nor is it simply unlocking and smashing the market It's more like unlocking to release supply, with protocol revenue and destruction mechanisms continuously offsetting supply According to on chain data statistics, HYPE destroyed approximately $1.95 million and 30432 HYPEs yesterday, bringing the total number of HYPEs destroyed to approximately 45.5958 million The priority fee line is also accelerating From its launch on April 13th to July 1st, Priority Fee has cumulatively burned about 52000 HYPEs, with a total value of about 3 million US dollars, averaging about 658 HYPEs per day. The latest single day still maintains a high of about 2000 HYPEs This is not the biggest source of destruction, but it indicates that the more crowded the use of Hyperliquid, the more paths the new HYPE consumes Return to on chain structure According to AiCoin's on chain data statistics, the current HYPE price is about $66.55 and OI is about $1.164 billion, returning to the second place in the entire market, second only to BTC, with long positions accounting for about 55.27% Yesterday, HYPE was overtaken by ETH to rank 3rd, and today it has returned to OI 2nd. The price has also dropped from around 62.4 to around 66.5 But short-term is not mindless In the past 24 hours, HYPE's actual liquidation was only about 257000 US dollars, with long liquidation of about 124000 US dollars and short liquidation of about 132000 US dollars. Overall, it was very light, indicating that there has not been a large-scale liquidation market yet TWAP is actually weaker: the actual net sales in the past 12 hours are about 1.908 million US dollars, and the expected net sales in the next 12 hours are also about 2.384 million US dollars Overall, short-term selling pressure has not completely disappeared The liquidation belt is also very clear The largest tier below is still 54-55, with a long liquidation of approximately 111 million US dollars; The total liquidation of short positions above 74-80 is approximately $76.66 million, and further up 89-93 is a larger concentration area of short positions. Large positions are still available The current largest HYPE bulls still hold approximately 1.38 million HYPEs, with a position value of approximately 91.876 million US dollars, an average opening price of approximately 38.68 US dollars, a liquidation price of approximately 54.05 US dollars, and a floating profit of approximately 38.502 million US dollars. So today's HYPE is more like three forces pulling at the same time: The expected airdrop is driving user interaction, unlocking is releasing supply pressure, and destruction and repurchase are constantly recovering chips If HYPE can continue to hold steady at 66 and push towards 74-80, the bearish liquidation band above will once again become fuel. But if the short-term selling pressure continues to fall, 54-55 is still the core position that all bulls need to focus on If every interaction you have has the potential to become a qualification for the next round; If every transaction fee can be diverted back to HYPE in the end. The story of HYPE may not only focus on the K-line HYPE Hyperliquid