$HYPE is attracting a lot of bearish attention right now because of the large token unlock this month, but the bigger picture still looks very strong.

Here are a few important points many traders are overlooking:

1. The core team has not sold any tokens since the scheduled unlock process began.

2. a16z has reportedly been building a sizable HYPE position since April, with an estimated average entry near 43.

3. Since the ETF launch, steady daily inflows have continued to support demand.

4. Ongoing buybacks are helping absorb a significant portion of circulating supply.

5. Upcoming permissionless deployment is expected to increase staking demand, with roughly 1 million HYPE needed to participate.

Despite concerns around unlocks, much of the selling pressure appears to be getting absorbed by strong buyers. If short interest keeps rising while demand remains firm, HYPE could be setting up for a powerful short squeeze.

Sometimes the most crowded short trade becomes the fuel for the next major move upward. 🚀