# HYPEOutperformsAgain

As of May 22, HYPE has surged about 15 percent in a single day, hitting an intraday high of 58.97 US dollars and posting year-to-date gains of approximately 134 percent. Its market capitalization is approaching 14 billion US dollars, leading the major altcoin rally. In the futures market, funding rates turned deeply negative on May 18-19 as traders piled into short positions, betting on a pullback. Instead, prices rallied, triggering a short squeeze. Over the past 12 hours, short liquidations reached approximately 21 million US dollars, with 24-hour shorts liquidations totaling about 30.6 million US dollars. Open interest has risen to over 2.5 billion US dollars as fresh capital steps in to replace squeezed shorts. A whale known as Loracle deposited 616,000 HYPE worth about 36 million US dollars into HyperLiquid and began selling, with his 5x short position now showing a floating loss of approximately 23 million US dollars at a liquidation price of 83.34 US dollars. A Grayscale-linked wallet accumulated about 682,000 HYPE (roughly 34.9 million US dollars) over the past week. Hyperliquid spot ETFs have seen sustained net inflows over their first six days, with a single-day inflow of 25.5 million US dollars on May 21.