hyperliquid:native is down 13% over the past week. Turns out nothing goes up forever 😢 Here's everything you MUST KNOW: 🔴 Bear Case: A series of unstaking events triggered the selloff. The main trigger is Multicoin unstaked HYPE it had accumulated around $30 roughly five months earlier. The move spooked the market and set off immediate short selling, and it came shortly after the firm published a report calling for HYPE at $300. Around the same time, Dreamcash, a mobile-first trading app on Hyperliquid, sunset its CASH markets (HIP-3 perpetuals) and unstaked 504K HYPE. Rumours that the CLARITY Act will pass soon are also reading as bearish for HYPE. By comparison, $LIT is seen as the more regulatory friendly perp DEX, with Lighter now proactively pursuing a US license. Also worth noting, several traders who had been long HYPE have flipped short. 🟢 Bull case: However, Multicoin's unstaking may not be bearish at all. Possibility is that the firm is freeing up HYPE to fund @trasiaxyz, an Asia-first trading platform, for its HIP-3 deployment. Also, fundamentally, nothing has changed at Hyperliquid. It remains the top perp DEX by revenue, at roughly $1.5M a day, and that real trading revenue directly funds automatic buybacks and burns. Alos, HIP-4, which expands Hyperliquid into prediction markets, is rolling out and is seen as a major bullish catalyst. We pulled together the loudest hyperliquid:native calls on CT, from both sides of the trade: 🟢 @KookCapitalLLC 🟢 @AltcoinSherpa 🟢 @CryptoTony__ 🔴 @greenytrades 🔴 @cryptolaanie