📊 #Hyperliquid OI Data Insights: The String Is Getting Tighter and Tighter

HL's leverage is re-accumulating momentum, and key data has already pointed in a direction:
🔍 Core Data
• OI: $7.73 billion, in a high range
• Proportion of large addresses owned by insiders: 7.94% — the concentration remains astonishing
• Since the insider addresses opened positions on 12/07, OI has accelerated significantly, and the follow-the-leader effect is still present
• OI has risen for 7 consecutive days, reaching a new peak after 11/20
📈 Market Structure Changes
From the market bottom on 11/21 to now, leverage on HL has continued to rise:
The growth of OI roughly correlates with candlestick trends, indicating that new leverage mainly enters in accordance with the trend, rather than bottom-fishing against the trend.
Meanwhile, the position structure on HL shows an increasingly obvious concentration trend:
The probability of large funds being on the same line is rising, and their collective force is becoming more evident.
🎯 Sentiment Interpretation
When OI keeps climbing, concentration remains strong, and major positions are not easing—
The market often enters the “drawstring phase”:
Once the string is tight enough, the direction choice is usually very decisive.
Short conclusion:
Chip concentration + leverage accumulation = large-scale movements are brewing.