HYPE is up today, but the rise has not been easy.

Up about 2% in the past 24 hours (Binance 2.04%, OKX 2.03%, both sources in agreement), with the current price at $87, reaching a high of $89.7 and a low of $85.3.

In the past 24 hours, the entire network saw $5.41 million in liquidations, with 77% of that being short positions—a classic short squeeze. But in the last hour, the trend completely reversed: liquidations shrank to $168,000, and 99% turned into long liquidations—people chasing the rally are now being forced out.

More importantly, look at open interest: the total across the network is $3.41 billion, with Hyperliquid alone accounting for 60% of the positions, while Binance has only 10%. The main force behind this rally is simply not on centralized exchanges. Over the last 4 hours, Hyperliquid's positions shrank by 1.7%, and Binance's contracted even more sharply; capital has already been quietly withdrawing.

Do you think HYPE is just taking a breather after the short squeeze fades, or is it going to pull back?

View in real time: https://www.coinboss.com/zh/liquidations?coin=HYPE

#HYPE #爆仓 #逼空 #Hyperliquid $HYPE