When everyone is hyping it up, ask yourself one question first: Who’s going to take my bag? This round of HYPE’s bullish narrative is indeed impressive—Grayscale endorsement, ICE backing, Arthur Hayes calling for $150. But the more unanimous the optimism, the more you need to calm down and think about one thing: If I already have a position and made 50%, 100%, when should I exit? It’s not about *‘should I exit’*, it’s about *‘when to exit’*. Because in the crypto space, no asset goes up forever. Hyperliquid is indeed a solid project—$800M annual revenue, $2.9T trading volume, the numbers are rock solid. But don’t forget, its FDV is already $66.1B. Plus, that $60M worth of spot HYPE held by Loracle is like a sword hanging over your head—once they start dumping, can the liquidity handle it? I’m not saying HYPE is done. I’m saying that at this level, the risk-reward ratio for opening new longs has already deteriorated significantly. The truly smart ones bought in before Grayscale’s report was published, not chasing after it came out. The most important rule for surviving in crypto: When everyone is telling you how great something is, don’t ask if it’s great—ask, *‘Who hasn’t bought yet?’* At this point, it’s probably just the retail traders left…