One of the biggest bearish arguments against Hyperliquid has always been: "What happens if Bitcoin crashes?"

Well, $BTC already dropped from around $126K to $58K.
Despite that, $HYPE recently reached a new all-time high.
Maybe the more important question is: What happens if the crypto market has already found its bottom?
Many of the loudest voices predicting prices in the $30 range missed most of HYPE's rally, yet remain focused on calling for lower prices. Much of the speculative excess has already been washed out. Open interest that built up around the $50 region has largely been reset, while the price eventually recovered and traded roughly $15 higher. A significant portion of leveraged positioning has already been cleared, leaving a larger share of long-term spot holders.
Could HYPE still fall further? Absolutely. This is crypto, and volatility is always part of the game.
However, it's also worth considering the longer-term fundamentals. Potential revenue growth from areas such as Circle integration, priority fees, and increased trading activity could become meaningful tailwinds. If the broader crypto market does establish a bottom, the higher trading volumes that typically follow may further benefit the ecosystem.
This should be viewed as a long-term investment perspective rather than a short-term trading setup.
$HYPE ‌