高流動性[Hype]猛烈地打擊了新鮮的高度，每月收益超過80％。

Hype從4月中旬到現在的旅程將其牢固地塑造成“本賽季的山寨幣”，並且很容易看出原因。

Hyperliquid [HYPE] has punched into a fresh all-time high, not to mention clocking in over 80% in monthly gains. That kind of move doesn’t go unnoticed.

超流動性[hype]已成為新鮮的歷史最高水平，更不用說每月收益超過80％的時鐘了。這種舉動並沒有引起注意。

Predictably, opportunistic shorts piled in, betting on a classic post-ATH cooldown. But macroeconomic headwinds have flipped the script, setting the stage for a deeper squeeze.

可以預見的是，投機短褲堆積在經典後的冷卻後。但是宏觀經濟的逆風已經翻轉了腳本，為更深的擠壓奠定了基礎。

In the last 24 hours alone, $857.8k in longs were liquidated, making up 65% of total wipeouts. It was a clear sign that bullish overextension met a well-timed macro gut check.

僅在過去的24小時內，清算了$ 857.8K的舊壽命，佔總清除量的65％。這是一個明顯的跡象，表明看漲的過度擴張遇到了一個時機的宏觀腸檢查。

At press time, HYPE traded 9.54% below its peak, with cooling momentum, but far from collapsing.

在發稿時，炒作以低於其峰值的9.54％的交易，並以冷卻動量交易，但遠離崩潰。

According to AMBCrypto, if spot accumulation resumes, shorts may still end up on the wrong side of a deeper squeeze.

根據Ambcrypto的說法，如果斑點累積恢復，短褲仍然可能會陷入更深層次的擠壓方面。

HYPE’s journey from mid-April to now has firmly stamped it as the “altcoin of the season” — and it’s easy to see why.

Hype從4月中旬到現在的旅程將其牢固地塑造成“本賽季的山寨幣”，並且很容易看出原因。

Savvy investors jumped in to accumulate seriously after the price hit an all-time low of $9.28 due to post-Liberation Day macro fears.

由於自動日期的宏觀擔憂，精明的投資者在價格達到了9.28美元的歷史最低點之後，認真積累了積累。

Fast-forward 60 days, and HYPE blasted off to $37.60 with clean, steady momentum, which is key here.

快速前進的60天，炒作以乾淨，穩定的動力爆炸至37.60美元，這是關鍵。

Every time HYPE hit a new local high, short sellers rushed in, betting on a pullback. But the bulls weren’t having any of it.

每當炒作擊中一個新的當地高級賣家時，賣光了，押注了回調。但是公牛沒有任何東西。

The breakout on the 23rd of May was especially brutal for bears, as it wiped out over $23 million in short positions.

5月23日的突破對熊來說特別殘酷，因為它的短票價超過2300萬美元。

Yet, AMBCrypto spotted a divergence worth noting. Unlike past bear attempts, this wave coincides with heightened market-wide volatility and an RSI stretched into overbought territory.

然而，Ambcrypto發現了值得注意的分歧。與過去的熊嘗試不同，這波與市場範圍內的波動性的增長相吻合，RSI延伸到過多的領土上。

Classic overheating signals are flashing, hinting that investors may be positioning for a cooldown amid rising pullback anxiety.

經典的過熱信號正在閃爍，這暗示投資者可能會在回調焦慮症中進行冷卻。

That said, the road ahead for Hyperliquid is anything but certain. If bulls can’t absorb this pressure, the shorts might finally seize control.

也就是說，越來越多的過度流動的道路完全可以肯定。如果公牛無法吸收這種壓力，短褲可能最終會抓住控制。

At press time, HYPE was making waves with a solid 5.08% intraday jump from yesterday’s $33.30 close.

發稿時，Hype從昨天的33.30美元結束時，以穩定的5.08％的盤中跳動。

What’s fueling the move?

是什麼助長了這一舉動？

A 3.36% dip in Open Interest (OI) down to $1.21 billion, showing traders are actively deleveraging and taking some heat off the derivatives market.

3.36％的開放利息（OI）下降至12.1億美元，表明貿易商正在積極去促進，並從衍生品市場中降低了一些熱量。

More importantly, Futures sell pressure is being met with steady absorption. This lines up with AMBCrypto’s take: spot accumulation hasn’t vanished—it’s just quieter.

更重要的是，期貨銷售壓力正在穩定地吸收。這與Ambcrypto的觀點一致：現場積累並沒有消失 - 這只是安靜的。

Looking ahead, the next key level sits near $35.50.

展望未來，下一個密鑰級別的價格接近$ 35.50。

According to CoinGlass, this is where nearly $20 million in leverage could be flushed if HYPE breaks upward again.

根據Coinglass的說法，如果炒作再次向上破裂，則可以沖洗近2000萬美元的槓桿。

If demand on-chain keeps its momentum, HYPE might just be gearing up to write a fresh chapter with a new all-time high very soon.

如果鏈上需求保持其動力，那麼炒作可能會正準備寫一個新的章節，並很快就會有了新的歷史高。