Hyperliquid ($HYPE) Sees Withdrawal Relief on Binance, but Can It Weather $77.6M in Institutional Shorts?
Following a 10-day precautionary freeze in the wake of the late-October security exploit, Binance has officially restored withdrawals for Hyperliquid ($HYPE) and Aptos ($APT). While Hyperliquid's native chain was entirely uninvolved in the incident, the resumption has triggered a surge in retail interest, propelling $HYPE to the top of trending token searches alongside a 24-hour trading volume of $442 million.
However, the spot relief faces heavy headwinds in the derivatives market:
Heavy Institutional Shorts: On-chain derivatives data reveals massive bearish positioning, led by crypto asset firm Abraxas holding a $77.60 million short on HYPE—its second-largest short book after Bitcoin.
Whale Selling Pressure: Smart-money tracking highlights major leveraged shorting, including a single whale opening a 433K HYPE short at 10x leverage, compounding broader spot distribution.
Critical Technical Support ($75): After slipping from last week’s highs near $88 back down to the $75–$77 range,$HYPE is retesting its pivotal multi-month support level. A sustained breach below $75 could trigger further liquidation risk, while defending this baseline remains essential for bulls seeking a short squeeze.
#Hyperliquid #HYPE #Binance #CryptoNews #Trading #DeFi
$HYPE
Following a 10-day precautionary freeze in the wake of the late-October security exploit, Binance has officially restored withdrawals for Hyperliquid ($HYPE) and Aptos ($APT). While Hyperliquid's native chain was entirely uninvolved in the incident, the resumption has triggered a surge in retail interest, propelling $HYPE to the top of trending token searches alongside a 24-hour trading volume of $442 million.
However, the spot relief faces heavy headwinds in the derivatives market:
Heavy Institutional Shorts: On-chain derivatives data reveals massive bearish positioning, led by crypto asset firm Abraxas holding a $77.60 million short on HYPE—its second-largest short book after Bitcoin.
Whale Selling Pressure: Smart-money tracking highlights major leveraged shorting, including a single whale opening a 433K HYPE short at 10x leverage, compounding broader spot distribution.
Critical Technical Support ($75): After slipping from last week’s highs near $88 back down to the $75–$77 range,$HYPE is retesting its pivotal multi-month support level. A sustained breach below $75 could trigger further liquidation risk, while defending this baseline remains essential for bulls seeking a short squeeze.
#Hyperliquid #HYPE #Binance #CryptoNews #Trading #DeFi
$HYPE