Hyperliquid (HYPE) Bulls in Action Amid 703% Liquidation Imbalance

Hyperliquid is witnessing sustained sell pressure across its spot and derivatives markets over the past weeks, although the market is gradually showing signs of a potential relief. While the market has remained weak since last month, the latest data from Coinglass shows that momentum is gradually being restored, but long traders are still getting wiped out from the Hyperliquid derivatives market. With the market already showing signs of a potential relief, it appears that bullish leveraged traders are still getting hit by HYPE's current mixed price action more than short traders.