Hyperliquid (HYPE) surpassed $50 due to a cascade of short position liquidations and a squeeze caused by rapid changes in funding rates, according to cryptocurrency analysis platform Santiment. Santiment explained, "HYPE recorded negative funding rates for the past 18th and 19th, which can be interpreted as a large short position being built up. However, as the price rose, a short squeeze appears to have occurred. Even during the rally, a significant influx of new capital led to open interest (OI) increasing to $1.92 billion. The catalyst for this rally is identified as the inflow of institutional funds following the launch of an ETF." According to CoinMarketCap, HYPE is trading at $51.55, up 7.17% from the previous day.
