The Short Squeeze on HYPE Happened on Hyperliquid. That's the Part Worth Thinking About. After the $36M short wipeout and loracle's very public exit, the easy narrative is the drama. There's a structural story underneath it that matters more. Hyperliquid controls roughly 70% of all on-chain perpetual futures volume, with monthly activity exceeding $180B. When traders short HYPE on Hyperliquid, they pay trading fees to the protocol. Around 97% of those fees go directly to buying HYPE on the open market. The same platform that hosts your short is structurally programmed to use your fees to bid against you. That's not the only loop. Since launch, Hyperliquid's buyback mechanism has burned over 41 million HYPE tokens worth more than $1B, reducing circulating supply by 4.2%. The more the protocol gets used, the more HYPE gets bought and burned. ATH volume feeds ATH prices, which attract more traders, which generates more fees. The squeeze was a dramatic expression of a mechanism that runs every day regardless. The most telling data point isn't the liquidations. It's what happened after: open interest didn't collapse. It grew to $2.5B+. New buyers replaced the positions that got wiped. That only happens with assets where real conviction exists on both sides. You don't step into the wake of a $36M squeeze without a thesis. ETF products from 21Shares and Bitwise pulled in ~$54M in their first seven trading days. a16z is the largest external holder. Grayscale is accumulating. The squeeze grabbed the headline. The flywheel is the thesis. #HYPEShortSqueeze $HYPE