If you take today's HYPE news as a statement:
Another giant whale has been liquidated.
You have underestimated its significance.
Because this is a very clear signal:
👉 In this round of the bear market, we have moved from 'position exhaustion' to 'targeted liquidation.'
First, let's clarify the facts: this is not an ordinary liquidation; it is the 'largest single liquidation in the whole network.'
You must remember the key data:
Largest single liquidation in the whole network: 11.08 million USD
Three liquidations at the same address within 24 hours
Total liquidation scale: 26.3 million USD
Average price: 31.2 USD
Current price level: 23.x
Floating loss: -143.6%
Next liquidation price: 23.6 dollars (just around the corner).
This is no longer a 'judgment error',
This is—
👉 Directly swallowed by the market structure.
II. Why is this a key scene in the 'bear market script'?
Recall the four-act structure of the bear market script I just gave you:
1️⃣ Act One: Not very good, but can hold on.
2️⃣ Act Two: Position cleaning (currently happening)
3️⃣ Act Three: Structural breakdown.
4️⃣ Act Four: The true bottom is silent.
This HYPE liquidation happens to fall at the transition from Act Two to Act Three.
It indicates three things:
① Leveraged bulls have already been 'named'.
It's not universal panic,
But rather—
👉 Those with large positions, those who can hold on longer, who dies first.
② The market has begun to 'allow liquidations to happen'.
In the early bear market, liquidations will be rescued;
In the middle of the bear market, liquidations will be watched.
At this stage:
👉 Liquidation has become part of the structure.
③ No 'good news' has come to save him.
There is no funding support.
There is no policy shift.
There is no narrative to support the market.
This is very important.
III. Put together several pieces of news from HYPE, and you will see the complete killing chain.
The HYPE news you posted today is actually a complete death timeline:
Phase One:
Whales are heavily positioned long (38.6 / 31.2)
→ Based on '上线 / narrative / liquidity' optimistic expectations.
Phase Two:
Price drop → Margin replenishment → Holding positions
→ Not admitting mistakes, thinking 'it’s just a washout'.
Phase Three:
The overall market turns bearish (funding rates are fully bearish).
→ Weak rebound, every rise fails.
Phase Four (now):
Named liquidation + largest single liquidation
→ Three consecutive liquidations, positions are structurally swallowed.
👉 This is not a HYPE issue,
This is the standard processing flow for all 'heavy-position faith bulls' in the bear market.
IV. Why do I say: the truly scary thing is not those that have already exploded, but 'those that haven't exploded yet'.
Notice the last sentence of the news:
Current HYPE maximum bull floating loss of 19.77 million dollars (-294%),
Liquidation price of 20.65 dollars.
This sentence is the real breaking point of the market.
What does it mean?
One that has already exploded 26 million.
Next to it stands a super bull, whose liquidation price is being closely monitored by the entire market.
And the price is moving closer to that range.
At this time, the market's behavioral logic has only one:
👉 'Should we clear this layer too?'
In the middle of the bear market,
The answer is usually not 'whether it will happen',
But rather:
Is it 'worth it'?
V. What is the significance of this HYPE liquidation to the 'overall bear market'?
In summary:
👉 It tells you: the bear market has begun to educate the market with 'real people'.
No longer abstract:
Poor sentiment
Macro bearish
Funding is tight.
But rather becomes:
A certain address
A certain price
A certain liquidation line.
This marks the entry of the bear market into the practical operation phase.
VI. How should you now 'correctly understand' this round of bear market?
Combining all the data you gave me today, I provide you with a final version summary:
The core feature of this round of bear market is three sentences:
1️⃣ It is not a one-time crash, but a batch naming.
Every time a 'faith position' dies, the market moves forward one step.
2️⃣ It's not the retail investors who die first, but the heavy-position whales that are demonstrated first.
Because they can hold on longer, have large positions, and clear liquidation lines.
3️⃣ This is not a message trigger; it is executed automatically by the structure.
HYPE liquidation, with no news accompanying it.
This is the most terrifying place.
VII. In conclusion, as your 'ultimate conclusion' for this round of bear market research.
A truly mature bear market does not require bad news,
It only needs—
Enough people,
At the wrong time,
occupying too large a position.
HYPE's 26 million dollar liquidation,
Not the end,
But rather a signal:
👉 In this round of bear market, it has already started to 'name one by one'.$HYPE
