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One of the main bear cases for hyperliquid:native is "what if BTC dumps" Well, $BTC has dumped from $126k to $58k Hype just hit an ath recently. I guess the real question should be, what if crypto bottoms? The majority of people calling for the 30's didn't participate in it's upside But they sure love chirping about the downside. And I think a lot of that hype no longer exists. It was essentially deleted. Hence the OI at the 50's being fully reset while price ended up $15 higher the first time. Why, bc the spot hype is taken off the books forever. Can it go that low. of course anything is possible. It's crypto. But I think it's better to be more forward looking in terms of the revenue growth that is coming from circle, priority fees, and in the event crypto does bottom. Like many are calling for. Well it benefits from the volume that follows. Now, obvious disclaimer is this is more of an investment thesis than a trade thesis.
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