$HYPE Hit ATH. A $31M Short Got Deleted. Institutions Were Already Long. HYPE broke past $61 to a new all-time high this week, wiping out over $36M in short positions in 24 hours. What made it memorable wasn't just the price. It was the story playing out on-chain in real time. The largest short, loracle, held through $31M in unrealized losses before the position was force-closed at $60.2, locking in a confirmed $6.99M hit. The X account is now deleted. In crypto, few losses are more visible than a conviction short that blows up at the exact moment of a new ATH. The bear case didn't fade. It got a public funeral. While that drama played out, institutions were quietly positioned on the other side. An a16z-linked wallet has been accumulating HYPE since mid-April, building what is now the largest external holding position with significant unrealized gains. Grayscale has been buying too, picking up hundreds of thousands of tokens in the past week while simultaneously filing for a spot HYPE ETF. Retail got the fireworks. Smart money already had the bags. The more interesting angle: this squeeze wasn't meme-driven. Deeply negative funding rates, concentrated short exposure, and institutional supply absorption combined to create genuine mechanics. That matters for whether the move holds. #HYPEShortSqueeze @OKX Orbit