HYPE printed an all time high this week on a sentence. Trump said the CFTC is working to bring Hyperliquid onshore. Nothing has been filed. The part that surprised me: protocol revenue is down 43% from its peak while volume sits at a record. I checked it twice because it reads like a typo. HIP-3 lets anyone launch a market and those builders keep half the fees, so the thing driving the growth is quietly starving the buyback under the token. Fourteen million tokens unlock on the 29th. Figures from CoinGecko, 21Shares H1 2026 and Blockworks. I have exposure to HYPE. Not investment advice. #hyperliquid #hype #perpetuals #defi #crypto #cftc #onchain #tokenomics