Hyperliquid perp volume $4.2B vs $38M spot. A 109.7x skew. $BTC holding $84,470 after a 10.9% week, options bias +35, 37% IV. Spot never confirmed the move, so perp longs carry the whole load. Perp-led rallies die when the funding stops paying. Fading the extension: $82,000 magnet pulls first, $80,500 within 72h. $88,000 stays out of reach. $BTC
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