This market situation is indeed quite surreal. HYPE has surged aggressively over the past two days, but the most ironic thing is that the on-chain whale who has been "long-term bullish" on HYPE is probably now bleeding internally. What's really going on? Let me explain in detail.

【News: The story of huge losses behind the rally】

Since January 2nd, HYPE has been continuously climbing, with a total increase of over 13%, reaching a high of $27.4 at one point. It is now oscillating around $26.46. Normally, this should be good news—but the story is not that simple.

The on-chain whale who claims to be "long-term bullish on HYPE" is now caught in a dilemma. He opened a large long position at $38.6. Although the unrealized loss has shrunk from $20 million to $17 million, it’s still a huge hole. Even more heartbreaking, the funding rate loss has exceeded $1 million—this is basically paying real money for lessons.

An even more suspicious detail is that this guy placed big bets before Robinhood officially announced the listing of HYPE. The community speculates whether there is insider support behind it, but judging from the outcome—it's useless. The market never cares about personal connections; even having the information doesn’t guarantee profits. This move can be described as "insider info can't save it."

【Technical analysis: Key resistance is right in front】

From the 4-hour candlestick chart, the current price is stable above $26.4, with a clear breakout in volume. This is not something retail traders can achieve—indicating that genuine institutional funds are entering. The upward push at key levels combined with increased volume suggests the bulls are serious here.