HYPE's Short Squeeze Just Got Complicated Loracle's 5x short on HYPE blew up to $29M+ in losses on May 29, likely forcing a close. Classic short squeeze setup, textbook exit. But the same day, Galaxy Digital unstaked 1M HYPE (~$61.5M). So the squeeze narrative and a major holder exit happened simultaneously, and HYPE still dipped ~4% to around $57. That dip tells you something. The short squeeze was real, but it couldn't absorb Galaxy's unlock. When a $100M+ ETF inflow backdrop and a forced short close aren't enough to hold price, the selling pressure is meaningful. Here's what makes this more interesting than a standard deleveraging event: ICE's CEO has reportedly visited Hyperliquid to explore a deal. If that goes anywhere, HYPE reprices on a compliance premium, the kind that comes when a legacy institutional name puts its credibility behind a protocol. Galaxy's exit reads as profit-taking at elevated levels, not panic. Smart exit, not a red flag. But the tension is real. Institutional accumulation and institutional exits are running in parallel right now. If ICE talks advance, the inflow narrative wins. If more big holders start unlocking into strength, you get cascading exits and the dip deepens. The unlock schedule matters as much as the deal rumours at this point. My read: watch whether Galaxy's move triggers similar unlocks over the next two weeks. That's the tell. #HYPEShortsSqueezed $HYPE $BTC @OKX Orbit $XLM