According to Lookonchain, whale trader 0x20B1 suffered a $23.5 million loss after closing all $HYPE shorts with 5x leverage, following a sharp surge in $HYPE price. Since April 29, 0x20B1 had deposited $30.5 million USDC into Hyperliquid to maintain short positions against $HYPE. After capitulating two hours ago, only $6.98 million remains, marking a significant liquidation event that signals strong bullish momentum for $HYPE and increased short squeeze risk. This event highlights heightened volatility and potential upside for $HYPE traders, with liquidations likely adding further fuel to the ongoing rally (source: Lookonchain on Twitter, May 23, 2025).