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everyone keeps comparing hyperliquid to other crypto perp platforms. but look closer:

• $11.5B open interest (4th globally across ALL derivatives venues)
• $888M raise through nasdaq vehicle
• ex-barclays ceo as chairman
• traditional treasury structure holding $583M

they're not building another crypto dex. they're building tradfi infrastructure

zora burned 14.5% of supply through fees and trades at 37m market cap

virtuals cut daily rewards by 60% and trades at 1.2b

sometimes the market prices things backwards and that's where the fun begins

pudgy penguins: from jpeg flip game to SEC-acknowledged ETF filing and NASDAQ listing next week

market hasn't priced in this evolution yet

aave flash loans did $7.5b ytd while euro deposits beat every eu bank yield

• world liberty deal: $350m
• htx moved $219m through it
• gho hit $302m

trad banks are just slower defi now

52 trillion dollar bank custodying xrp stablecoin

trump media loading up fat etf bags

fed master account pending

price only up 22% this week

your size is not size

eth market looking like a python squeeze

• 400+ new treasury companies loading up vs current 17
• etf inflows eating 10x of new issuance
• 29% already staked
• exchange supply dropping

shorts at ath gonna learn about supply and demand

gaming tokens hitting aths need better oracles → hyperliquid builds better oracles → enables more complex gaming tokens → demands even better infrastructure

pudgy penguins + abstract chain proving it:
• 14m daily trades need precise price feeds
• feeds enable new token mechanics
• mechanics drive more volume

bonk: 8m weekly fees, 50% to buybacks. pump: 90% supply in team wallets. lol ok

usdt cutting support for 5 chains while concentrating 96% ($154b) on eth and tron networks. clear signal: blockchain infrastructure moving from quantity to quality. dev activity and scalability are the new filters for survival

old exchanges doing 600k while new platforms print 600M daily. money knows where the party is at

exchanges: down to 18k btc from 81k

public companies: bought $27b worth in 2024 alone

mid wallets: control 4.76m btc, up 22% yoy

supply check: small holders eating 19.3k monthly vs 13.4k mined

wall st deploying parallel infrastructure on eth/sol. they're playing both sides

korea casually doing $500m xrp volume on upbit while global retail thinks its dead

etf drops in 5 days. volume never lies

koreans dropped $637m into circle stock while everyone watches usdc burns

that's 37.5x what they put in apple

smart money doesn't wait for exit liquidity

bonk generating $8m weekly fees with half going to buy+burn. running $100m annual buyback rate while market still prices it as a meme

reality gap getting too wide to ignore

hyperliquid did 700x more volume than coinbase perps during pumpfun launch

dexes are winning the infrastructure game and nobody needs to cope about it anymore

etfs buying 22x more btc daily than miners can produce

exchange reserves down 77% since january
only 18k btc left on exchanges

supply vacuum gets real when you're buying tomorrow's bitcoin today

everyone's stuck on nft pfp plays while pudgy penguins gets etf filing and rings nasdaq bell. jpeg to finance pipeline complete

while u wait for etfs, robinhood quietly deploying 213 tokenized stocks at 3 cents each on arb. hyperliquid making 12.5m in fees daily.

ngmi waiting.

markets obsessing over pump and dump while real alpha is in infrastructure

• base chain: 8.7m active addresses, 168% worker growth
• infinex: 591m weekly volume, new eth/btc pairs
• cross-chain yield wars heating up

attention follows liquidity. liquidity follows infrastructure