Elysium launches today, and a whale has opened a $77.6 million short on HYPE
Put simply, bullish news and short positions are colliding, and I’m siding with the bullish case.
Elysium’s mainnet launches today. It’s the ecosystem’s first L2, gas is paid directly in HYPE, and Uniswap has confirmed that V4 Hooks are coming.
Yet HYPE is at 76.4, down 1.1% over 24 hours. It was still at 79.67 two days ago, and it’s 22% below September’s high of 98.
BTC at 75,740 and ETH at 2,227 are also waiting for tomorrow night’s CPI release at 9:30.
There’s bullish news everywhere, but the price isn’t budging. The problem is the whales.
The on-chain data is clear: Abraxas Capital has nearly $450 million in exposure on Hyperliquid, almost all of it in shorts, including a $77.6 million short on HYPE.
Whale accounts show $137 million in HYPE longs and $406 million in shorts, for a net short position of $269 million. The largest short is worth $79.17 million, entered at 75.27, and is currently underwater.
But I reckon the bulls have a strong hand too.
The community is voting on Season 3, which allocates 38.8 million HYPE, with voting closing on November 15. The official buyback fund has accumulated around 49.69 million tokens, about 5% of supply. A treasury company recently spent $785 million to scoop up 9.1 million tokens.
With Elysium launching, HYPE now has another use case for paying gas.
The bears’ biggest weakness is that their entry price is right below us: 75.27. The current price is just over a dollar above it. If HYPE gets above 78.14, the shorts will feel the pain; the next stop is the round-number level at 80.
I’ve taken a small position. If it drops below 75.27, I’m out. I can afford to lose at this level.
Will HYPE hold above 78.14 and squeeze up to 80, or break below 76.27, letting the bears push the bulls back to 70? I’m betting on the former. What about you?
$HYPE $BTC $ETH
#Hyperliquid #Elysium
Put simply, bullish news and short positions are colliding, and I’m siding with the bullish case.
Elysium’s mainnet launches today. It’s the ecosystem’s first L2, gas is paid directly in HYPE, and Uniswap has confirmed that V4 Hooks are coming.
Yet HYPE is at 76.4, down 1.1% over 24 hours. It was still at 79.67 two days ago, and it’s 22% below September’s high of 98.
BTC at 75,740 and ETH at 2,227 are also waiting for tomorrow night’s CPI release at 9:30.
There’s bullish news everywhere, but the price isn’t budging. The problem is the whales.
The on-chain data is clear: Abraxas Capital has nearly $450 million in exposure on Hyperliquid, almost all of it in shorts, including a $77.6 million short on HYPE.
Whale accounts show $137 million in HYPE longs and $406 million in shorts, for a net short position of $269 million. The largest short is worth $79.17 million, entered at 75.27, and is currently underwater.
But I reckon the bulls have a strong hand too.
The community is voting on Season 3, which allocates 38.8 million HYPE, with voting closing on November 15. The official buyback fund has accumulated around 49.69 million tokens, about 5% of supply. A treasury company recently spent $785 million to scoop up 9.1 million tokens.
With Elysium launching, HYPE now has another use case for paying gas.
The bears’ biggest weakness is that their entry price is right below us: 75.27. The current price is just over a dollar above it. If HYPE gets above 78.14, the shorts will feel the pain; the next stop is the round-number level at 80.
I’ve taken a small position. If it drops below 75.27, I’m out. I can afford to lose at this level.
Will HYPE hold above 78.14 and squeeze up to 80, or break below 76.27, letting the bears push the bulls back to 70? I’m betting on the former. What about you?
$HYPE $BTC $ETH
#Hyperliquid #Elysium
