Hyperliquid is experiencing a significant increase in active contract traders, nearing a six-month peak since January. Despite market volatility and major liquidations, retail traders are flocking to high-leverage contracts. On January 16, as cryptocurrency prices peaked, Hyperliquid's open interest (OI) also reached its highest, though active traders were few. By February 1, a $600 million long position by a major whale was liquidated, causing a sharp drop in OI, while active trader numbers rose. On February 8, a further $1.354 billion in ETH was liquidated, pushing OI to a short-term low, yet active traders continued to increase. This trend indicates a growing interest among retail traders in high-leverage contracts, despite the risks of significant losses or gains.