HYPE is still trading in the $90s Even after the new ATH, price hasn’t given it back The reason is straightforward On Hyperliquid, you can now post $HYPE or $BTC as collateral and borrow USDC or USDT The figure the platform put out: $269 million borrowed that day HYPE LTV sits around 65% BTC is around 50% The real shift isn't the candle The token is moving from exchange chip to collateral asset Two takes are circulating Some are looking at $100 Others say the $269M isn't all fresh manual borrows a chunk of it is existing portfolio margin on the same book Keep both in view Demand is there The narrative is strong Just read the number correctly Anyone who held from the $16-$23 zone just caught a massive move Anyone who sold the first leg missed this one The only question that matters now Does HYPE just break another high or does it stay the core asset of Hyperliquid's credit layer? NFA/ DYOR