THE HYPE READ Good morning everyone! hyperliquid:native closed last week at 93.69, a new record weekly close, taking out the prior record of 87.97 by six and a half percent. It opened the week at 77.28, so the close over close move is 21%, with a 94.50 high on the way. The ratio against $BTC closed at 115,434 sats, also a record weekly close, up almost 15% from 100,629. Precision matters here: June's intraweek spike to 116.5k sats still stands, so the record is the close, and the close is what compounds. The ratio's week low was 100,413, meaning relative strength never gave back the six figure shelf even before the breakout resumed. Against $PURR , the ratio sat flat at 6.65: the vehicle kept pace with its asset in a 21 percent week, no divergence either way. This week's feature: what last week actually was. Seven days ago this chart printed the textbook top signal, a record high at 88.34 reversed into a 12 percent down week, the first red weekly candle of the run. The textbook says that shape is distribution. It has one tell that separates distribution from a shakeout, and it lives at the prior breakout level: 76.67, the old ceiling. Distribution loses that level and keeps going. A shakeout tests it, holds, and reclaims. The test came, the low dipped three cents through the line intraweek, and the week closed back above it. Then this week answered the question completely: the reversal fully reversed, relative strength repaired first with the ratio holding six figures throughout, and price printed a new record close four sessions later. The candle that looked like a top was the market changing hands, and the level told you before the recovery did. Next scheduled catalyst on the calendar: the first reserve yield payment under the new allocation program is scheduled for Oct 3.