Hyperliquid experienced a significant liquidation event, resulting in a drastic reduction of open interest (OI) from approximately $13.8 billion to over $7.4 billion, with nearly $3 billion of this decline attributed to altcoins. Although OI slightly recovered a week later, it remains well below pre-event levels. Prior to the incident, the platform's daily trading volume averaged around $10 billion. Despite a more than 30% drop in OI post-liquidation, trading volume increased by 17%, indicating attempts by traders to recover losses. However, data shows that average daily liquidation volume surged nearly 70% during this period, exacerbating losses for many traders.