Data compiled by Woofun AI shows that long positions on Hyperliquid are accumulating despite the prevailing downtrend in BTC. Traders are aggressively deploying buy-the-dip strategies, causing a divergence between price action and leverage exposure that significantly heightens the probability of a short squeeze.

Concurrently, market signals indicate a return to 'altcoin season,' suggesting that selling pressure on alternative assets is nearing exhaustion.

However, BTC continues to face downward headwinds, maintaining its dominance over broader market direction and keeping systemic risk elevated.