1.92 billion in open positions + new retail investors flooding in, the bulls and bears game heats up.

Santiment states that recently a large number of traders are betting on HYPE declining, with funding rates turning negative, but the HYPE price continues to rise, creating a short squeeze, leading to short positions being covered. Open interest remains high, over $1.92 billion, due to ongoing influx of new traders. The upward catalyst comes from the Hyperliquid ETF craze, as Bitwise and 21Shares launch HYPE ETFs, providing exposure channels for traditional investors, marking Hyperliquid's progress into the institutional ecosystem.