In the past hour, total liquidations across the network reached $19.44 million, with $18.60 million from long positions, with $837,904.47 from short positions. BTC liquidation $8.44 million, ETH liquidation $3.76 million.

Token Exchange 【ECHO】Bitget 【HAN2】LBank 【AAOIB】Hibt 【XMU】OKX 【AVGOB】Hibt 【TENDIES】LBank,MEXC 【GOT2】Rocket Swap 【XSPCX】OKX 【IBMB】Hibt 【HOODB】Hibt 【BABAB】Hibt 【MRVLB】Hibt 【NOKB】Hibt

According to a report by Odaily Planet Daily, renowned trader Ansem stated on X that buybacks (for cryptocurrency prices) are actually ineffective. Ansem cited the example of Hyperliquid, whose annualized revenue is $800 million, while Pump.fun's is $440 million; however, Hyperliquid's FDV is a staggering $65 billion, while Pump's FDV is only $1.4 billion. Both teams regularly use a portion of their profits for buybacks, yet their price-to-sales ratios differ significantly. This difference doesn't reflect the actual revenue generated, but rather the market's "trust premium" for the teams—trust determined by their actions and decisions in the market. Hyperliquid doesn't make empty promises; it focuses solely on delivering its product and heavily rewards its core users who contribute the most to the platform based on established metrics. In contrast, Pump.fun earned $1 billion in revenue, raised another $1 billion in its ICO, and promised airdrops to users, but has yet to deliver. Despite being among the most successful and profitable businesses in the crypto industry, they lack a strong social consensus with their core user base, preventing them from achieving the trust premium seen with Hyperliquid. Therefore, in addition to the "tangible value" comprised purely of revenue and other metrics, "intangible value" also determines a business's valuation. Trust, memes, and attention are all crucial in the market, yet they are currently under-discussed.

According to OKX market data, HYPE has fallen by more than 9% intraday, hitting a low of $60.15, and is currently trading at $60.4.