If VC capital did end up backing tradeXYZ, it could explain both the current selloff and the whales behavior (they obviously have access to better information than the rest of the market). The timing also fits. The first major dump (~-10% daily candle) came on July 16, right as HL Summit began, with most major institutions and the tradeXYZ team all in the same place. It's not hard to imagine that something was being discussed behind closed doors. If VCs really did invest, it would also mean dilution of hyperliquid:native value capture within the ecosystem (whether that dilution ultimately comes through a token or an IPO).