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Markets are rallying, HYPE +16%, SOL +14%, ETH +9%, and BTC +9% are up on the week, yet only @Strategy ($8.7B), @HypeStrat ($2.6B), and @HyperionDeFi ($110M) are profitable. No one was more aggressive than Hyperliquid Strategies, who roughly doubled their HYPE holdings this year with high-conviction buying through a bear market. And no one was more creative with balance sheet capital, going beyond vanilla staking to actively optimize yield across the ecosystem. Other DATs mostly bought the top, did little more than stake, and are now just chasing breakeven. data: @artemis

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