HYPE update at $85 We are in a similar situation to the original market update at $50: indiscriminate buyers in the market, buying irrespective of fundamentals. Hyperliquid Strategies, the bid that pushed HYPE from $40 to the mid-$70s, is back in the books, with mNAV (1.34x) and volumes at all-time highs. Ironically, despite significant regulatory developments and AQAv2 starting yesterday, flows again are the only thing that matters and fundamentals are secondary. You simply do not sell when a DAT is attempting to shove hundreds of millions into the token. As with all successful trades, there will be a time to consider taking some profits and derisking. Stretched multiples from this indiscriminate buying, in the face of a potentially overoptimistic outlook on how easily HYPE transitions to a regulated setup, may bring that time, something we can evaluate later. But for now, you move out of the way, sit on your hands, and ride.