Hyperliquid (HYPE)

Grayscale listed the top 15 revenue-producing crypto protocols trading at low multiples ahead of the CLARITY Act, led by $HYPE, $PUMP , and $CAKE. https://t.co/WNRS1vSWol

Anyone getting overly excited about the fundamentals here and telling themselves that structural demand means the floor will keep rising may be correct in that assumption.

However, they fail to acknowledge the foundations on which markets are built: flow and participation.

There are clear pain points across this chart.

Different stories can be told on this chart, each with different risk limits.

To say this cannot happen is a very dangerous mindset.

I lean towards my base assumption: this is top side distribution, where late buyers are purchasing from early believers.

Do not shoot the messenger, but I have high conviction that this breaks back into value and subsequently trades in the 40s very soon.

Why viral public whale liquidations are becoming a real trading signal on Hyperliquid

via @akibablade

https://t.co/JugxPMncO8