According to The Block, K33 analysts have stated that although the cryptocurrency market has been on a calm upward trend in the past few weeks due to US government statements indicating a more moderate attitude towards tariffs and a slightly dovish stance from the Federal Reserve, there are still eight days left until President Trump's "Liberation Day", and the market volatility caused by tariffs may further intensify. However, the most severe de risk phase of BTC seems to have ended, and the market is now returning to a wait-and-see attitude. However, some traders hold a slightly optimistic attitude and remain relatively passive and defensive, not completely bullish. Analysts believe that if Trump's stance softens, the market may rebound. If we continue to be vague, volatility may affect both long and short positions simultaneously; If a tough line is taken, there may be a significant decline - similar to the tariff related declines in the past.

HTX-BTC perpetual contract is now reported at $86590.3. According to market contract position analysis, the main force has strong confidence in the future and the price is expected to rise. Please hold positions reasonably and control risks

According to on chain analyst Yu Jin's monitoring, an address may have followed the 50 times leverage whale operation on Hyperliquid and dumped 398 million JELLY empty orders to Hyperliquid by withdrawing margin. This has resulted in a floating loss of over 10 million US dollars in the Hyperliquid HLP vault. The specific process is as follows: 1. At 20:53, 0xde9... c91 address, 3.5 million USDC was transferred to Hyperliquid as margin, and 430 million JELLY empty orders (worth 4.08 million USD) were opened. The opening price is 0.0095 US dollars. 2. At 21:03, he liquidated 30 million JELLY short orders (worth $310000) at a price of $0.0103 and withdrew a deposit of $2.76 million. His 398 million JELLY empty orders (worth 4.5 million US dollars) were forcefully tied and taken over by Hyperliquid's clearing address for 0.0113 US dollars. 3. Subsequently, the price of JELLY quickly rose from 0.01 US dollars to 0.04 US dollars. The JELLY empty orders held by Hyperliquid clearing addresses currently have a floating loss of over $10 million. This process should be intentionally forcing the liquidation of positions to Hyperliquid, and then aggressively pulling JELLY in CEX, forcing Hyperliquid to only close positions at high levels.

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The main large order is displayed on the K line in the form of a horizontal line, the thicker the line means the larger the pending order amount, and the longer the line represents the longer the pending order time