Coinbase has gone offline, and HYPE is still only around 62. Do you think it's normal? AQAv2 has officially landed, which is equivalent to Hyperliquid partially taking over Circle/Coinbase's stablecoin reserve income business - the agreement can directly take away about 90% of the net reserve income of USDC in the HL ecosystem, and all of it flows into AF for repurchase. According to current market trends, the HL ecosystem's USDC scale is estimated to be between $6 billion and $6.5 billion. Based on current yield estimates, it could contribute approximately $190 million annually, with a daily buyback fund of around $520000. This may sound like a great advantage, but the problem is: After such a big news came out, HYPE seemed to have little reaction. With such a strong fundamental advantage, why didn't the price immediately break through the market divergence? What's even funnier is that at this moment, Hayes' line came back again A few days ago, he was shouting for HYPE to go to $150, but later he said he had sold everything above $72. Subsequently, HYPE fell about 23% from its high and fell below $56. Yesterday, there were reports in the market that a suspected Hayes affiliated address had withdrawn 33978 HYPEs from Bybit, worth approximately $2.09 million, with an average price around $61.5 Hayes himself directly responded that he didn't buy it But this sentence did not suppress the discussion, instead it made the market want to ask more: If he didn't buy it, who would pick it up near 61? If it's really related to him, is this a very typical high throw and low draw? At the hottest moment of emotions, shout 150 first, then publicly leave above 72. After the market is hit by a pullback, there may be suspected related addresses repurchasing at lower positions What's more complicated is that this line on the chain is not just about "buying back". According to AiCoin's on chain data statistics, 125000 HYPEs from Hayes related source addresses were transferred to Flowdesk execution addresses today, totaling approximately 8.02 million US dollars Subsequently, Flowdesk sold 29323.9 units of HYPE in stock on one hand, and a perpetual net increase of approximately 29326 units of HYPE on the other hand. The two quantities are almost aligned, which is more like an execution path with hedging, rather than simply mindlessly bullish On the other hand, chain giants like Loracle, which are often idle, are still holding onto HYPE His ZEC multiple orders have already made a floating profit of about 3.1 million, but his HYPE multiple orders are still in a loss making state On one hand, there are true fundamental benefits such as Coinbase/AQAv2, which theoretically enhance Hyperliquid's repurchase and funding structure On the other hand, the price is still stuck around 62, and Hayes' related narratives have become difficult to distinguish between true and false. Flowdesk's execution address has also shown hedging actions of selling spot goods and adding perpetual short positions This is not a market situation that can be explained by the phrase 'good news is coming' If the Coinbase line is strong enough, the vicinity of 62 should only be a hesitation for the market to reprice But if such a big positive cannot be pulled, then signals such as Hayes' suspected buyback, Flowdesk hedging, and Loracle's loss holding will be understood by the market as: HYPE's popularity is still there, but the divergence is also increasing I don't know when Hayes will admit to buying back HYPE But the implementation of positive news such as Coinbase/AQAv2 has already made the fundamentals of HYPE not so simple HYPE Hyperliquid