The President named @HyperliquidX from the White House podium, and the last structural argument against $HYPE disappeared in a single sentence. Trump confirmed on August 19 that CFTC Chair Mike Selig is working to bring Hyperliquid into the US in a fully compliant fashion. $HYPE rallied 20%, rest is history. · US access was the missing piece of the thesis. Hyperliquid was going to keep compounding globally regardless, but the "house of all finance" case needs the largest capital market on earth, and that door is now visibly opening. · The reflexive bid is switching back on. $PURR trades at a 1.14x mNAV premium again, which historically triggers equity issuance funding further $HYPE accumulation; the trailing year already carries roughly $1.7B across AF buybacks, ETF inflows and DAT purchases. · Volume has likely bottomed with the broader cycle. Bitcoin accounts for around 36% of Hyperliquid's lifetime volume, so the past year's compression tracked market-wide risk appetite rather than anything venue-specific. · The mix shifted before the monetization did. HIP-3 and Trade[XYZ] now carry 40-50% of total volume at deliberately thin take rates. · Clarity changes the calculus for builders, not only traders. The risk premium deployers priced into launching on Hyperliquid collapses once the largest jurisdiction offers a compliant path, which should expand the universe of listed markets rather than just the flow through existing ones. · AQAv2 adds a revenue line that doesn't depend on volume. Roughly $170M annualized from $USDC reserve yield translates to about 6.5K $HYPE bought daily, diversifying the base away from trading seasonality. · Valuation looks undemanding on any forward view. $HYPE trades at 22.6x circulating earnings on $946M of trailing operating net income, and the market still prices these protocols off trailing 30-day revenue rather than what the next two years actually set up. Read full report from @GLC_Research: