Hyperliquid long positions rise amid BTC drop, raising squeeze risk

Glassnode noted on X that as Bitcoin's decline deepens, an increase in long position open interest on Hyperliquid (HYPE) is elevating the risk of a long squeeze. The analytics firm explained that despite the downturn, dip-buying sentiment is spreading, leading to a concentration in long positions. While selling pressure on altcoins is decreasing, Glassnode added that the overall market trend is being driven by Bitcoin's downward momentum.