超流動[炒作]是加密蛋糕成功故事的一個典型例子

在過去的三個月中，該平台平均每日交易量為64億美元。實際上，將其定位在Bybit和Okx的50％以上。

Hyperliquid [HYPE] is a name that often comes up when discussing success stories in crypto.

在討論加密貨幣中的成功案例時，高流動性[Hype]通常會出現。

The platform has averaged $6.4 billion in daily trading volume over the past three months, which is interesting considering that it puts Hyperliquid above 50% of Bybit and OKX’s volumes.

該平台在過去三個月中平均每天的交易量為64億美元，這很有趣，因為它使超級流動性佔BYBIT和OKX量的50％以上。

Yet, HYPE currently trades -54% below its cycle peak of $35.

然而，炒作目前的交易價格低於其周期峰值35美元。

According to AMBCrypto, this anomaly suggests that the token’s pullback is likely a byproduct of macro-driven liquidity compression, rather than any protocol-level deterioration.

根據Ambcrypto的說法，這種異常表明，令牌的回調可能是宏驅動流動性壓縮的副產品，而不是任何協議級別的惡化。

Could this position Hyperliquid to capture greater market share if risk-on sentiment returns to the broader crypto ecosystem?

如果風險持續的情緒回報更廣泛的加密生態系統，這個職位是否可以捕獲更大的市場份額？

Volume profile supports further expansion

音量配置文件支持進一步的擴展

HYPE is currently consolidating around the $16.30 level. It is a key inflection zone that served as a distribution ceiling in the March cycle, leading to a rapid 40% retracement to sub-$10 levels within two weeks.

炒作目前正在合併$ 16.30的水平。這是一個關鍵的拐角區，在三月週期中充當了分配上限，在兩週內迅速將40％的回收率提高到10美元。

However, unlike the prior rejection, the current volume profile shows no signs of climaxing activity or distributional divergence.

但是，與先前的拒絕不同，當前的體積曲線沒有表現出高潮活動或分佈差異的跡象。

In fact, Hyperliquid continues to post robust throughput, averaging $6.4 billion in daily volume.

實際上，超流動性繼續發布強大的吞吐量，平均每日量為64億美元。

As of press time, Bitcoin’s OI [Open Interest] on Hyperliquid was $1.4 billion, which is 15% of Binance’s $9.2 billion, 46% of OKX’s $3 billion, and 25% of Bybit’s $5.6 billion.

截至發稿時間，超流動性的比特幣（Bitcoin）的OI [開放興趣]為14億美元，是Binance的92億美元，OKX 30億美元的46％，佔Bybit 56億美元的25％。

To put that into perspective, Jupiter Perps — Hyperliquid’s closest competitor — averaged $704 million in daily trading volume, 88% lower than Hyperliquid.

為了看待這一點，木星珀普斯（Hypliquid）最接近的競爭對手 - 平均每日交易量為7.04億美元，比超流動性低88％。

Source: Blockworks Research

資料來源：Blockworks研究

The chart above is a testament to HYPE’s growing market penetration in the perp DEX landscape.

上圖證明了炒作在PERP DEX景觀中不斷增長的市場滲透。

Over a condensed timeframe, Hyperliquid has cemented itself as a critical player, exhibiting strong utilization across various liquidity and trading metrics.

在凝結的時間範圍內，Hyproliquid鞏固了自己的關鍵參與者，在各種流動性和交易指標上表現出強烈的利用。

Given its current price action, HYPE may be undervalued relative to its emerging dominance in the space, signaling potential for substantial upside in 2025.

鑑於其當前的價格行動，相對於其在該空間中新出現的優勢而言，炒作可能被低估了，這表明了2025年的大量上升空間的潛力。

Hyperliquid crypto: What’s next amid market repricing?

超液體加密：下一個在市場上重新播放的是什麼？

As highlighted earlier, HYPE’s current price action mirrors its late-March cycle, when bullish indicators were present, yet a corrective pullback remains a viable scenario.

如前所述，炒作的當前價格動作反映了其3月後期的周期，當時是在看漲指標時，但是糾正措施的回調仍然是一種可行的情況。

The potential for this pullback is rooted in psychological factors, as traders may anticipate a repeat of the sharp 40% retracement.

這種回調的潛力源於心理因素，因為交易者可能預計重複了40％的回回。

Source: TradingView (HYPE/USDT)

資料來源：TradingView（HYPE/USDT）

This sentiment-driven caution could induce a local top, with market participants engaging in profit-taking or hedging strategies, which could trigger a brief consolidation phase.

這種情感驅動的謹慎可能會引起本地頂級，市場參與者從事盈利或對沖策略，這可能會引發短暫的合併階段。

To counteract this resistance, the volume profile must maintain upward momentum, indicating sustained buy-side absorption.

為了抵消這種電阻，體積曲線必須保持向上的動量，表明持續的購買側吸收。

If this trend persists, another short squeeze could trigger an aggressive move to the upside, breaking through the resistance zone.

如果這種趨勢持續存在，另一個短暫的擠壓可能會引發向上的積極行動，突破阻力區。

This price action could spark FOMO, accelerating buying pressure and pushing HYPE to reclaim the $20 resistance level.

這種價格行動可能會激發FOMO，加速購買壓力並推動炒作以收回20美元的電阻水平。