$HYPE This time it's genuinely a bit awkward! More good news from the U.S. regulated market, yet the token price fell nearly 7% and couldn't even hold $80.

On November 6, HYPE was trading at around $77.64, after falling as low as $76.24. Just a few days ago, it surged to $97; now it's given back about one-fifth of its gains.

First, the news.

Hyperliquid Strategies recently disclosed that a subsidiary is applying for U.S. futures commission merchant (FCM) status, preparing to offer compliant trading accounts for HIP-3 markets.

This is significant, but note that it's only an application and hasn't been approved. It also doesn't mean Hyperliquid has fully entered the U.S. market.

So why is the price falling despite the positive news?

On one hand, $BTC itself is plunging, and market risk appetite is very weak. On the other, there's no answer yet as to whether the compliant business can actually bring in trading volume.

Looking at derivatives data, HYPE open interest rose from around 4.87 million tokens to 5.09 million, while the price kept falling, suggesting leveraged positions were accumulating during the decline. Open interest alone isn't enough to tell which side has the upper hand.

The plan from here is simple: remain bearish in the short term.

If the rebound around $80–82 lacks strength, the bias remains toward further weakness, with $76 as the first level to watch below. A sustained move back above $84 would invalidate the bearish view.

HYPE doesn't lack stories; it lacks a way to turn those stories into real trading volume.

The U.S. market is indeed a huge opportunity, but counting the profits before the license is secured seems a bit too hasty. #CLARITY法案或搁置至2028年 #Gate社交年度主播与创作者评选