Following Lula's victory in the Brazilian presidential election, EWZ contracts on Hyperliquid fell by more than 22%.

Lula da Silva won the Brazilian presidential election, becoming the first Brazilian president to begin a fourth term. With 99.99% of the vote counted, Lula received 51.78% of the vote, while Senator Flavio Bolsonaro received 48.22%. Before the election, Polymarket predicted an 80% chance of Bolsonaro winning, but Lula pulled off a comeback in the second round. Following the announcement of Lula's victory, perpetual contracts on Hyperliquid linked to the iShares MSCI Brazil ETF (EWZ) fell by more than 22%. (Source: Bitcoin.com News)