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Joao Wedson states that the price movement in HYPE is influenced not just by demand, but also by short sellers being forced out of their positions.
This suggests that both market demand and the liquidation of shorts are affecting HYPE's recent price changes.
Wedson has previously warned that many crypto on-chain analysts have shifted toward narrative-driven analysis. He also suggested that comparing Bitcoin and Ethereum exchange reserve ratios can offer a signal on when Ethereum might outperform Bitcoin. These observations add context to his latest remarks on HYPE's price movement.