II. Fundamentals (Strong)

• Core Business: High-performance perpetual DEX, expanding into a full asset on-chain trading system (cryptocurrency, commodities, RWA, prediction markets)

• On-chain Data: Over 1.2 million users, total trading volume of $4.33 trillion, TVL over $5.47 billion

• Revenue and Deflation: Daily transaction fees about **$2.2 million**, 97% used for buyback and burn, continuous deflation

• Institutional Catalysts (Key)

◦ Bitwise (BHYP) and 21Shares (THYP) spot ETFs listed, net inflow of **$22 million** in 5 days

◦ Coinbase becomes the official USDC treasury on Hyperliquid

◦ U.S. "Clear Markets Act" passed, regulatory outlook improves

• Token Economics: Total supply 1 billion, circulating 238 million; April unlocks with much lower selling pressure than expected

III. Technical (Overheated at high levels, beware of pullback)

• Trend: Daily strong upward channel, holding above 5/10/20-day moving averages

• Resistance: $62 (ATH) → $65 → $70

• Support: $55 → $50 → $45

• Risk Signals (Important)

◦ TD Sequential 13 sell pressure signal activated

◦ RSI, Chande momentum severely overbought, high levels prone to trigger pullbacks

◦ Analyst warning: if **$60 is blocked**, or falls back to **$40** range

IV. Core Drivers and Risks

• Bullish Drivers: ETF capital inflows continue, on-chain revenue and burns strong, full asset narrative expansion, market stabilization

• Main Risks: Short-term overbought conditions, $62 new high encountering resistance, market weakening, regulatory fluctuations, ETF outflows

V. Trading Strategy (Brief)

• Short-term: $60–62 range slightly bearish, stop loss above $63; if retraces to $50–52, try light long positions, stop loss at $48

• Mid-term: Pullback to **$45–50 is a high-quality zone, target $70+** (assuming continuous ETF net inflows)

• Risk Control: Strictly avoid heavy positions at high levels, build positions gradually, enforce strict stop losses