超流动[炒作]是加密蛋糕成功故事的一个典型例子

在过去的三个月中，该平台平均每日交易量为64亿美元。实际上，将其定位在Bybit和Okx的50％以上。

Hyperliquid [HYPE] is a name that often comes up when discussing success stories in crypto.

在讨论加密货币中的成功案例时，高流动性[Hype]通常会出现。

The platform has averaged $6.4 billion in daily trading volume over the past three months, which is interesting considering that it puts Hyperliquid above 50% of Bybit and OKX’s volumes.

该平台在过去三个月中平均每天的交易量为64亿美元，这很有趣，因为它使超级流动性占BYBIT和OKX量的50％以上。

Yet, HYPE currently trades -54% below its cycle peak of $35.

然而，炒作目前的交易价格低于其周期峰值35美元。

According to AMBCrypto, this anomaly suggests that the token’s pullback is likely a byproduct of macro-driven liquidity compression, rather than any protocol-level deterioration.

根据Ambcrypto的说法，这种异常表明，令牌的回调可能是宏驱动流动性压缩的副产品，而不是任何协议级别的恶化。

Could this position Hyperliquid to capture greater market share if risk-on sentiment returns to the broader crypto ecosystem?

如果风险持续的情绪回报更广泛的加密生态系统，这个职位是否可以捕获更大的市场份额？

Volume profile supports further expansion

音量配置文件支持进一步的扩展

HYPE is currently consolidating around the $16.30 level. It is a key inflection zone that served as a distribution ceiling in the March cycle, leading to a rapid 40% retracement to sub-$10 levels within two weeks.

炒作目前正在合并$ 16.30的水平。这是一个关键的拐角区，在三月周期中充当了分配上限，在两周内迅速将40％的回收率提高到10美元。

However, unlike the prior rejection, the current volume profile shows no signs of climaxing activity or distributional divergence.

但是，与先前的拒绝不同，当前的体积曲线没有表现出高潮活动或分布差异的迹象。

In fact, Hyperliquid continues to post robust throughput, averaging $6.4 billion in daily volume.

实际上，超流动性继续发布强大的吞吐量，平均每日量为64亿美元。

As of press time, Bitcoin’s OI [Open Interest] on Hyperliquid was $1.4 billion, which is 15% of Binance’s $9.2 billion, 46% of OKX’s $3 billion, and 25% of Bybit’s $5.6 billion.

截至发稿时间，超流动性的比特币（Bitcoin）的OI [开放兴趣]为14亿美元，是Binance的92亿美元，OKX 30亿美元的46％，占Bybit 56亿美元的25％。

To put that into perspective, Jupiter Perps — Hyperliquid’s closest competitor — averaged $704 million in daily trading volume, 88% lower than Hyperliquid.

为了看待这一点，木星珀普斯（Hypliquid）最接近的竞争对手 - 平均每日交易量为7.04亿美元，比超流动性低88％。

Source: Blockworks Research

资料来源：Blockworks研究

The chart above is a testament to HYPE’s growing market penetration in the perp DEX landscape.

上图证明了炒作在PERP DEX景观中不断增长的市场渗透。

Over a condensed timeframe, Hyperliquid has cemented itself as a critical player, exhibiting strong utilization across various liquidity and trading metrics.

在凝结的时间范围内，Hyproliquid巩固了自己的关键参与者，在各种流动性和交易指标上表现出强烈的利用。

Given its current price action, HYPE may be undervalued relative to its emerging dominance in the space, signaling potential for substantial upside in 2025.

鉴于其当前的价格行动，相对于其在该空间中新出现的优势而言，炒作可能被低估了，这表明了2025年的大量上升空间的潜力。

Hyperliquid crypto: What’s next amid market repricing?

超液体加密：下一个在市场上重新播放的是什么？

As highlighted earlier, HYPE’s current price action mirrors its late-March cycle, when bullish indicators were present, yet a corrective pullback remains a viable scenario.

如前所述，炒作的当前价格动作反映了其3月后期的周期，当时是在看涨指标时，但是纠正措施的回调仍然是一种可行的情况。

The potential for this pullback is rooted in psychological factors, as traders may anticipate a repeat of the sharp 40% retracement.

这种回调的潜力源于心理因素，因为交易者可能预计重复了40％的回回。

Source: TradingView (HYPE/USDT)

资料来源：TradingView（HYPE/USDT）

This sentiment-driven caution could induce a local top, with market participants engaging in profit-taking or hedging strategies, which could trigger a brief consolidation phase.

这种情感驱动的谨慎可能会引起本地顶级，市场参与者从事盈利或对冲策略，这可能会引发短暂的合并阶段。

To counteract this resistance, the volume profile must maintain upward momentum, indicating sustained buy-side absorption.

为了抵消这种电阻，体积曲线必须保持向上的动量，表明持续的购买侧吸收。

If this trend persists, another short squeeze could trigger an aggressive move to the upside, breaking through the resistance zone.

如果这种趋势持续存在，另一个短暂的挤压可能会引发向上的积极行动，突破阻力区。

This price action could spark FOMO, accelerating buying pressure and pushing HYPE to reclaim the $20 resistance level.

这种价格行动可能会激发FOMO，加速购买压力并推动炒作以收回20美元的电阻水平。