The case has been solved. It is said that HYPE can obtain $319 worth of Multicoin. Yesterday, 1.96 million HYPE were released from pledge just to organize the wallet Yesterday, the market saw 1.96 million HYPE coins coming out of the pledge, and the first reaction was: 120 million US dollars of chips have regained liquidity, will they be ready to sell? But Multicoin co-founder Tushar Jain has already responded today: Yesterday, a large amount of HYPE pledge was released, but not for the purpose of selling The reason they gave is that institutional funds are continuously tracked on the chain, wallets need to be rotated and organized regularly, and privacy is important for institutional operations Multicoin's public response has at least temporarily interrupted yesterday's narrative of "1.96 million coins will soon hit the market" However, as early as yesterday, MLM @ mlmabc had already said 'they aren't selling'. At least when everyone is wavering, community members will give you a shot in the arm. It has to be said that the Hyperliquid community is still too united However, when it comes to the market, what needs to be seen next is not a response, but where these addresses will flow to in the future If there is no continuous transfer to the exchange or re entrustment to other verification nodes, then the potential selling pressure that was priced by the market yesterday needs to be recalculated But just because Multicoin is not selling pressure doesn't mean HYPE no longer has supply pressure What really needs to be monitored is the unlocking of approximately 3.27 million HYPEs this week, at a current price of around 200 million US dollars Unlocking does not necessarily mean selling, but it is at least a newly added chip that has truly entered a tradable state The other line is Loracle. It's been a long time since it was mentioned, and some people may think Loracle has faded out of HYPE Don't forget, Loracle currently holds approximately $52 million in HYPE; Previously, it sold approximately $8.6 million at HYPE for around $25.43, while still retaining multiple orders The large players have not moved yet, at least it means that the market has not had much impact yet They can reduce their holdings while retaining their exposure, or make completely different configurations in different wallets and positions So today we shouldn't simply deduce from 'Multicoin not selling' to 'supply risk disappearing' A more accurate statement would be: The 1.96 million HYPE that the market was most concerned about yesterday now has a reasonable explanation But the true unlocking of supply, the adjustment of positions by existing large players, and whether these chips enter the exchange still determine short-term prices Let's take a look at other on chain data The transaction volume of Hyperliquid in the past 24 hours is about 7.51 billion US dollars, which is already higher than Coinbase's about 7.17 billion US dollars This is also an important moment on Hyperliquid In the past 30 days, the handling fee for the Hyperliquid protocol was approximately $58 million, more than twice that of TRON and about 1.6 times higher than the total of Solana, BSC, Ethereum, and Bitcoin. The revenue from the agreement is still being generated, and the aid fund is still repurchasing fuel, which is the underlying prerequisite for HYPE to undertake new supply The number of open positions on the platform has also risen to about 321400, reaching a historical high, corresponding to an OI of about 11.42 billion US dollars When OI has not yet returned to historical highs, the number of positions has already increased, at least indicating that trading activities on the platform are not solely supported by whales like Loracle So yesterday's story was: Will the release of 1.96 million HYPE pledges ruin the market? Today's story turns into: Multicoin has already stated that it is not selling, will unlocking 3.27 million coins this week become a real selling pressure? Can Hyperliquid capture these chips with its trading volume, transaction fees, and repurchase ability? If unlocked chips continue to flow to the exchange, 58, 55, and 52.8 are still risk areas that must be monitored below But if Multicoin does not continue to sell, unlock and form sustained selling pressure, and platform revenue and position quantity continue to grow, the short clearing band above 67-70 may become fuel again Yesterday was a panic Today, the market is waiting for on chain capital flows to provide answers HYPE Hyperliquid