These past few days, $HYPE just touched 76.90, a new all-time high, and casually shorted over 10 million USD. The timeline has been lively. $SPCX perpetual contracts rose, trading volume reaching 30% of the platform's daily volume; on the ETF side, money was pulled out of Bitcoin and poured into HYPE.

Everyone is watching this upward trend. At times like this, no one is willing to lower their head and look at another chart. That chart is called the unlock schedule. Coins from early contributors have a one-year cliff, then a 24-month linear release, gradually until 2027. Up to now, out of the total supply of 1 billion tokens, over 61% are still locked and haven't been released.
On the 6th of each month, a batch of contributor tokens enters circulation, accounting for a significant proportion. This process started in January and will continue into next year. The interesting part is—this is all public. Hyperliquid runs on its own L1, and on-chain, you can see which address unlocked how much and where it transferred to in real time. It’s not like those projects that hide things and suddenly dump tokens. This transparency is different. But "being visible" doesn’t mean "being harmless." The calendar is fixed, but human nature isn’t.
The contributors who received tokens—whether they dump, hold, or stake—what they do on-chain can be checked, but what they plan to do next cannot be known. This variable cannot be written into the calendar. No one is paying attention to the frenzy at 76. The tide is high. Whether to take a look at your footing while the wave is still rising is up to you.