ICE's planned US perps access could grow Hyperliquid's users, volume and revenue, but that growth may already be priced into HYPE. CFTC approval, a launch and actual US adoption are still needed; even then, extra fees and buybacks must beat expectations. ICE backing, Druckenmiller investing and Elon tweeting have made the story widespread. The easy HYPE trade looks over for average retail investors, though this call could be early. x.com  x.com 

Hyperliquid's valuation looks stretched against what serious markets pay for exchanges, and perpetual futures have been, and always will be, a niche product with no real moat. x.com 

Hyperliquid's growing perp share feeds fees into HYPE buybacks even as the market shrinks. Its share among the top 12 perp DEXs rose from 25% in January to 43% in September, below August's 47% peak. Its trailing buyback yield is 3.52% versus 1.51% for the S&P 500, but depends on trading volume and shrinks on fully diluted supply as tokens unlock. Watcher Guru reported plans by the NYSE owner to bring HYPE perps to regulated US markets; $100 remains the chart target. x.com  x.com  x.com  x.com  x.com  … Show more

HYPE is selling off because its big buyer has run out of money. The ETF has used up its entire at-the-market offering and is no longer buying, which explains the price action. x.com  x.com 

Cboe Global Markets will in all probability trade higher a year from now, because its selloff overweights a spectacular new threat that barely touches the business. The scare was Hyperliquid perpetual futures: $1.4B of SpaceX perp volume made headlines, but open interest was about $100M and the product only filled a gap before the SpaceX IPO. Cboe is an extraordinarily high-quality business, derivatives are needed for hedging, and incumbents can copy perps, as Cboe plans for BTC and ETH. x.com  … Show more

ICE and trade[XYZ]'s planned 24/7 US perps venue could widen Hyperliquid's buyer pool. It needs CFTC approval; ICE is investing in trade[XYZ], and Druckenmiller is also joining. Per the FT, his spokesperson confirmed his post was authentic. Druckenmiller and Elon green-lighting HYPE signals TradFi allocators. Crypto natives remain underallocated due to short time horizons; HYPE is the first investable altcoin in history not reliant on belief in a monetary premium. x.com  x.com  x.com  x.com 

Hyperliquid Strategies has a catalyst in the five-year exemption for tokenized stock trading, and crypto is very strong across the board. If the lows hold, the crypto bottom looks to be in. x.com 

Kinetiq's KNTQ should keep climbing as a Hyperliquid ecosystem leader built to capture value, unlike typical liquid staking tokens. Per co-founder @0xOmnia, 70% of Kinetiq's cut funds programmatic KNTQ buybacks in the order books with no KPI conditions, and every trade across its HIP-3 DEX, mobile app and other front ends accrues to KNTQ. x.com 

All HYPE bears have been liquidated while sidelined bulls remain, leaving Hyperliquid's token headed higher. Everyone called it the most crowded trade. An attached chart pairs the move with trade[XYZ]'s announcement that it and ICE are bringing 24/7 perpetual futures on Hyperliquid to the US. x.com 

Hyperliquid Strategies is an accretive, well-executed way to own HYPE for investors who aren't on-chain. Its share issuance isn't cashed out but added to the balance sheet as HYPE, and it has zero debt and over $1 billion in assets. Strategy issued heavily yet rose 42x from its 2022 low to its 2025 high, and from low to high Hyperliquid Strategies has actually outperformed HYPE itself. x.com  x.com  x.com