Many people have not truly understood the logic behind the rise of HYPE this time. Maik will explain the logic behind it to you. My conclusion is that HYPE is not as simple as version 1.0 of the on chain contract trading platform Why have A16Z and OG whales been continuously increasing their positions and buying in recent times? I think this is completely different from the logic of the past. Let's first think about what happened to HYPE recently? Yes, Pre IPO contracts with several real-world AI giants have been launched (For example, SpaceX, earlier Cerebras) - touches on the core part of traditional finance - asset pricing power In the past, cryptocurrency trading platforms were focused on the core of cryptocurrency itself, but Hyperliquid is doing something different by moving the core assets of traditional finance onto the chain (the key is that HYPE has highlighted the power of several initiatives, with excellent logic and expected effects) That's also why the American ICE and CME have started to panic and want to take down HYPE, sue the CFTC, and lobby the government (the discovery of risk asset prices is no longer controlled by traditional trading institutions, think about how terrible it is for them, and then constantly snatch away your users and withdraw liquidity, and the cryptocurrency trading platform is trading 24 hours a day) If things continue to develop like this, will all kinds of assets around the world start to move away from traditional trading time and gradually lose their pricing power on the chain, and will the traditional financial system be disrupted? Furthermore, the current financial system structure has been reshaped, which is not really telling a story, but something that could really happen Some people like to compare BNB with HYPE. BNB itself relies on the growth of platform user transactions and the value conversion brought by token empowerment, which belongs to the platform asset category And what Hyperliquid represents - Contract Dragon Platform DEX+traditional financial infrastructure on the chain, with platform asset attributes, but there is another layer, the most different of which is the continuous on chain transformation of global traditional financial assets (now in the pre-market US stock market, adding more asset categories to the chain in the future, this is the bigger narrative. Correspondingly, the token HYPE not only has platform asset attributes like BNB (this is definitely not to belittle BNB), but also adds a core thing - the value embodiment brought by the traditional financial infrastructure on the chain. Personally, I think this is why these institutions continue to increase their positions I have mentioned before that ICE and CME have sued CFTC regarding HYPE. I cannot judge the future development based on my knowledge, and the best outcome would be to clear this mine as soon as possible