$HYPE math isn't mathing for bears anymore🔥
- OI sitting at $8.1B (more than top 8 combined)
- HIP-3 tripled in a month ($260M→$790M)
- Generated $750M+ revenue
- USDh shipped
- Buybacks still around $1-2M daily
- Real teams building real products
All of that while everyone called @HyperliquidX dead at $20.
Tornado + Continue Capital selling pressure finally exhausting. Fundamentals remain strong.
Hyperliquid.
h/t to @asxn_r for the data

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Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

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