#比特币2026年行情展望 On-chain data has just experienced a sharp fluctuation, and HYPE's position holdings are concerning. According to the latest long position statistics, the top 30 largest holders are all in deep loss, with one showing an unrealized loss of over $21.3 million — close to the liquidation line.

It's not just that simple. The most dangerous position is less than 3% away from the forced liquidation price, and this major holder also holds a large $BTC long position. If either HYPE or $BTC drops sharply in any direction, the risk of chain reaction liquidations is imminent. The giant whale trapped earlier has yet to escape, and the current situation seems more like risk exposure accelerating rather than improving.

From on-chain signals, the false prosperity built on leverage is finally beginning to reveal itself. The position structure is extremely unstable, and in the short term, the pressure is indeed immense. The downside risk for HYPE and related tokens far exceeds the rebound potential. This is not alarmist talk; the data is right there.

Of course, risk also means opportunity — but now is not the time to buy the dip. The best buying points often appear in the most desperate moments, but only if you survive until then. The most prudent approach right now is to closely monitor on-chain activity and market news. Once there are signs of a turning point, it might be the start of a reversal. In such uncertain market conditions, patience often outweighs impulsiveness. $ETH