June 25: multicoin publishes a report calling $HYPE "deeply mispriced." $319 base case. one of their largest positions. July 22: multicoin unstakes $120M and books $18.5M profit through coinbase prime. Less than a month. Meanwhile the actual protocol: $1.2B+ in fees since 2024, $170M+ ETF inflows, 99% of revenue buying back the token. VCs publish price targets. hyperliquid publishes revenue. Never confuse a fund's exit liquidity thesis with your own conviction. Do your own math. Hyperliquid
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