炒作令牌解锁：漩涡警告及其对您意味着什么

Hyperliquid的炒作令牌面临着即将进行的解锁的重大测试。它会在漩涡警告中生存吗？这是故障。

Buckle up, crypto enthusiasts! The Hyperliquid (HYPE) token is about to face a serious stress test. With massive token unlocks on the horizon, Maelstrom, Arthur Hayes' family office fund, is raising a red flag. Is this a doomsday scenario, or just another Tuesday in the wild world of crypto?

搭扣，加密爱好者！超流动性（HYPE）令牌即将面临严重的压力测试。随着大量令牌的解锁，亚瑟·海斯（Arthur Hayes）的家庭办公室基金Maelstrom正在提出危险信号。这是世界末日的场景，还是在加密世界的野生世界中的另一个星期二？

The HYPE Token Cliff: $500 Million in Monthly Unlocks

炒作令牌悬崖：5亿美元的月度解锁

Here's the deal: Starting November 29th, a whopping $500 million worth of HYPE tokens will be released monthly as part of a 24-month vesting schedule for team members. Maelstrom estimates this could create significant selling pressure, with current buybacks only absorbing about 17% of that supply. That leaves a potential $410 million overhang. Ouch.

这是交易：从11月29日开始，将每月发布价值5亿美元的炒作代币，这是团队成员24个月归属时间表的一部分。 Maelstrom估计这可能会造成巨大的销售压力，目前的回购仅吸收了约17％的供应。这留下了潜在的4.1亿美元的悬垂。哎哟。

Lukas Ruppert, a researcher at Maelstrom, paints a vivid picture: "Put yourself in the shoes of a Hyperliquid dev. You’ve worked insanely hard for years. A life changing sum in tokens is starting to vest; and it’s only one click away.” The temptation to cash out will be strong, potentially impacting HYPE's price stability.

Maelstrom的研究人员Lukas Ruppert描绘了一幅生动的画面：“将自己放在超级流动的开发人员的鞋子中。多年来，您已经疯狂地努力工作。换人的命中额开始归属；这只需单击一次。”兑现的诱惑将是强大的，可能会影响炒作的价格稳定。

Hayes' Ferrari and Mixed Signals

海斯的法拉利和混合信号

Adding to the intrigue, Arthur Hayes himself, a known figure in the crypto space, recently sold all his HYPE tokens, reportedly to fund a deposit on a new Ferrari. Talk about a baller move! However, despite the sale, Hayes still believes HYPE could rally 126-fold by 2028, driven by fiat debasement and a booming stablecoin market. So, is he bearish or bullish? It's hard to say.

加密空间中已知的人物亚瑟·海斯（Arthur Hayes）本人最近出售了他所有的炒作令牌，据报道是为新的法拉利提供押金。谈论舞者举动！然而，尽管出售，海耶斯仍然认为，在菲亚特（Fiat）贬低和蓬勃发展的稳定市场的驱动下，炒作可能会在2028年集结126倍。那么，他是看跌还是看涨？很难说。

Competition Heats Up: Aster Enters the Ring

竞争加热：Aster进入戒指

Hyperliquid isn't just battling potential sell-offs; competition is also intensifying. Aster, a decentralized perpetuals exchange linked to Binance co-founder Changpeng Zhao, recently saw its Aster (APX) token launch and briefly crossed $2 billion in total value locked (TVL). As Maelstrom's researcher put it, "You don’t eat the crypto establishment’s lunch and walk away unchallenged. Business is war.”

高流动性不仅与潜在的抛售作斗争；竞争也在加剧。与Binance联合创始人Changpeng Zhao相关的分散的永久交易所Aster，最近看到了Aster（APX）代币的发布，并短暂跨越了20亿美元的总价值锁定（TVL）。正如Maelstrom的研究人员所说：“您不吃加密货币机构的午餐，而没有挑战。商业是战争。”

My Take: Proceed with Caution (and Maybe a Little FOMO)

我的看法：谨慎行事（也许有点FOMO）

Look, the HYPE token situation is complex. On one hand, you've got massive unlocks looming, which could definitely put downward pressure on the price. On the other hand, you've got Hayes' long-term bullish outlook and the potential for significant growth in the decentralized exchange space. I think the key is to do your own research and weigh the risks carefully. If you're feeling FOMO (fear of missing out), maybe dip your toes in, but don't go all in just yet.

看，炒作令牌情况很复杂。一方面，您迫在眉睫，这肯定会给价格下降。另一方面，您拥有Hayes的长期看涨前景，并有可能在分散的交换领域显着增长。我认为关键是要进行自己的研究并仔细权衡风险。如果您感到FOMO（害怕错过），也许可以将脚趾浸入其中，但还不要全力以赴。

Consider the digital asset treasuries (DATs) like Sonnet are making moves, with the latter launching a HYPE treasury strategy. However, the article also notes that these are "just a drop in the bucket compared against impending HYPE unlocks." This is a good point for investors to consider.

考虑一下像SONNET这样的数字资产国库（DAT），后者发起了炒作策略。但是，本文还指出，这些“仅是与即将炒作的炒作相比，水桶的下降”。这是投资者考虑的好点。

The Bottom Line

底线

The HYPE token is facing a critical juncture. The upcoming unlocks will be a major test of its resilience. Whether it soars to new heights or takes a nosedive remains to be seen. But one thing's for sure: it's going to be an interesting ride. So, grab your popcorn, keep an eye on the charts, and get ready for some serious HYPE drama!

炒作令牌正面临关键时刻。即将到来的解锁将是对其弹性的重大测试。无论是飙升到新的高度还是占用鼻子，还有待观察。但是可以肯定的是：这将是一个有趣的旅程。因此，抓住您的爆米花，密切关注图表，并为一些严肃的炒作做好准备！