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Grayscale files S-1 for $HYPE ETF—TradFi inflows on horizon. Hyperliquid at $9B MCAP, #8 chain TVL $1.76B (+13% 30d). OI jumps 22% to $1.58B with long flows accelerating 63%. Funding neutral at 0.125% (34th percentile) supports continuation. Whales neutral post -2.6% PnL. $39R holds key; invalidates below $37S. Lean long $HYPE.

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