Original Author: Bright, Foresight News
Hyperliquid, which was once doubted by FUD in the first half of the year, has risen again.
On May 22, as BTC broke through $110,000 and HYPE surpassed 30 USDT, with a 24-hour increase of 14.79%, the total FDV stabilized at $29 billion, rising to the 14th position in cryptocurrency market capitalization. In contrast, a whale has been shorting HYPE with 5x leverage since May 8 near $20.4, with a position value of $57.14 million, currently experiencing an unrealized loss of $18.8 million. To prevent liquidation, this address has added margin three times, with the latest being a "desperate" additional investment of $2.04 million USDC two hours ago to avoid forced liquidation.
Meanwhile, Hyperliquid's official announcement declared that its platform data reached multiple historical highs today, including an open interest (OI) of $8.9 billion, 24-hour trading fees of $5.4 million, and total USDC locked volume of $3.2 billion.
Two months ago, Hyperliquid was deeply mired in a near-vault liquidation and "decentralization" FUD crisis. BitMart founder Arthur Hayes directly attacked Hyperliquid on X, saying "HYPE will return to its starting point" and telling everyone to "stop pretending Hyperliquid is decentralized".
On-chain Perp Demand Remains Undiminished
After the JELLY short squeeze event subsided, even more whales began choosing Hyperliquid. According to The Block data, Hyperliquid had already occupied about 9% of Binance contract trading volume for two consecutive months before the short squeeze event.
According to Dune data, Hyperliquid's trading volume and user numbers are rapidly growing. Have the whales forgotten about the short squeeze event?
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