The market isn’t broken, incentives are. Sure, VCs didn’t seed Hyperliquid, but many of them accumulated massive positions later. When firms are sitting on enormous OTC allocations, don’t be surprised when those tokens eventually find their way into the market. The OTC deals between roughly $28 and $44 matter far more than the narratives you’ll see on your timeline. If you’re buying above $55 because a KOL is screaming “higher,” understand who may be selling into that demand. I still believe Hyperliquid, Aster, and Lighter are three of the strongest projects in crypto. Great products can coexist with bad incentives. Those are two separate conversations. My conviction in the technology hasn’t changed. My skepticism of some of the capital behind it has. Retail keeps confusing bullish fundamentals with favorable positioning. They’re not the same thing. If your entire thesis comes from influencers telling you to buy every green candle, you’re providing exit liquidity for someone with a much lower cost basis. Above $55, you’re no longer playing the same game as the people who acquired size through private deals. It’s a wicked game. Study the cap table. Study the unlocks. Study who actually owns the supply. That’s where the real chart begins.