$HYPE This week's drop has been pretty brutal😥

Last week's news of ICE's partnership with Trade[XYZ] sent market sentiment soaring, with the price briefly nearing $96

But this week, it continued to slide, falling from nearly $88 to around $78, down about 11% for the week

So, has anything major deteriorated in the fundamentals?

At least for now, there hasn't been any project-specific bad news that would be enough on its own to explain this decline

The ICE partnership is still in place, progress in the related U.S. regulated market still requires regulatory approval, and Hyperliquid's business expansion hasn't stopped because of the token's price decline

I tend to think the market is repricing the premium built on expectations from earlier positive news

After all, there's still a long way to go from the partnership agreement to actual implementation and trading volume, and then to value capture that can support HYPE's valuation

I'm leaning cautious in the short term and will first watch to see whether the $76–80 range can form effective support

The long-term thesis remains unchanged, but the price has reminded us that the market's patience is limited