高流动性[Hype]猛烈地打击了新鲜的高度，每月收益超过80％。

Hype从4月中旬到现在的旅程将其牢固地塑造成“本赛季的山寨币”，并且很容易看出原因。

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.

超流动性[hype]已成为新鲜的历史最高水平，更不用说每月收益超过80％的时钟了。这种举动并没有引起注意。

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.

可以预见的是，投机短裤堆积在经典后的冷却后。但是宏观经济的逆风已经翻转了脚本，为更深的挤压奠定了基础。

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.

仅在过去的24小时内，清算了$ 857.8K的旧寿命，占总清除量的65％。这是一个明显的迹象，表明看涨的过度扩张遇到了一个时机的宏观肠检查。

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

在发稿时，炒作以低于其峰值的9.54％的交易，并以冷却动量交易，但远离崩溃。

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

根据Ambcrypto的说法，如果斑点累积恢复，短裤仍然可能会陷入更深层次的挤压方面。

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从4月中旬到现在的旅程将其牢固地塑造成“本赛季的山寨币”，并且很容易看出原因。

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.

由于自动日期的宏观担忧，精明的投资者在价格达到了9.28美元的历史最低点之后，认真积累了积累。

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

快速前进的60天，炒作以干净，稳定的动力爆炸至37.60美元，这是关键。

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.

每当炒作击中一个新的当地高级卖家时，卖光了，押注了回调。但是公牛没有任何东西。

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日的突破对熊来说特别残酷，因为它的短票价超过2300万美元。

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发现了值得注意的分歧。与过去的熊尝试不同，这波与市场范围内的波动性的增长相吻合，RSI延伸到过多的领土上。

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

经典的过热信号正在闪烁，这暗示投资者可能会在回调焦虑症中进行冷却。

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

也就是说，越来越多的过度流动的道路完全可以肯定。如果公牛无法吸收这种压力，短裤可能最终会抓住控制。

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

发稿时，Hype从昨天的33.30美元结束时，以稳定的5.08％的盘中跳动。

What’s fueling the move?

是什么助长了这一举动？

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％的开放利息（OI）下降至12.1亿美元，表明贸易商正在积极去促进，并从衍生品市场中降低了一些热量。

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，期货销售压力正在稳定地吸收。这与Ambcrypto的观点一致：现场积累并没有消失 - 这只是安静的。

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

展望未来，下一个密钥级别的价格接近$ 35.50。

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

根据Coinglass的说法，如果炒作再次向上破裂，则可以冲洗近2000万美元的杠杆。

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.

如果链上需求保持其动力，那么炒作可能会正准备写一个新的章节，并很快就会有了新的历史高。