A recent interesting phenomenon has emerged in the market— a well-known short-selling force earning $7.1 million per month, with a total profit exceeding $80 million, suddenly changing strategy to close multiple short positions, and turning around to buy nearly $8 million worth of HYPE spot assets, while also opening hedge positions. What exactly are they up to behind the scenes?

**Two signals revealed by the capital flow**

The operation logic of this "air force leader" is actually quite clear. First, they gradually close short positions on tokens like ASTER and UNI, and all the margin released is poured into HYPE spot. The key point is that the hedge position has already reached a scale of $7.8 million—this is not a simple bullish signal. The main force adopts a "spot + hedge" dual layout, which usually indicates two things: first, an increasing awareness of hedging against market uncertainty; second, HYPE is recognized as an asset with sufficient liquidity and volatility.

But retail investors need to be cautious—main players’ hedge operations are often a prelude to dual-sided harvesting, not purely bullish or bearish, but looking for opportunities to profit on both ends.

**Technical analysis is shifting**

On the 1-hour chart of HYPE, the price is repeatedly oscillating within the 24.7-25.1 range. The MACD indicator has shifted from a golden cross to a death cross, which is a typical signal of weakening bullish momentum and the beginning of a bearish rebound. The two resistance levels above are at 25.1 and 25.7; if these cannot be effectively broken through, downward risk will gradually be released.

Support levels to watch are at 24.2 and 23.8—these are critical for the rebound to hold. If these two defenses fail to hold, a larger correction space may follow.