A word of caution about Hyperliquid. Bookmark this. I see some parallels to GMX. Best DEX on the market, token doing great, everyone FOMOing. That’s because it’s still in the honeymoon period. Check the vesting schedule. After 2025, it’s an uphill battle with 250 mil new tokens. I get the hype about HYPE and its growing ecosystem. What Hyperliquid has built is impressive. However, if their ecosystem growth cannot absorb the inflation of its token and competitors start eroding its advantages, within a year or two, it may follow GMX’s price action. GMX pumped hard after launch, corrected 80%, then made a new ATH. After that, it was a non-stop bear market with new lows every year. HYPE pumped hard after launch, corrected by 73% and may do a new ATH before those 250 mil vested tokens hit the orderbooks. Best to take hard profits at that point, and in any event, before 2026 hits. DEX tokens generally have a short to medium life span before they underperform. Examples include UNI, GMX, SUSHI, 1Inch, and so on. Hyperliquid did well to pivot beyond their DEX as that would have been insufficient to sustain 1 bil HYPE tokens. Them locking up as many HYPE token as possible within their growing ecosystem will help, but their vesting schedule coincides with a possible bear market in the future. Hyperliquid did many things well, but its competitive advantage will be eroded in 1-2 years as new innovators and competitors emerge. Exchanges and trading is the most competitive market in crypto. Hope HYPE will continue to do well, but the landscape in 1-2 years will be tough, especially for a market leader in dex trading. Plus, Hyperliquid was attacked by CEXes recently due to its growing influence. Good to be mindful of such headwinds before you ape into HYPE at $50 in the future. People also aped into GMX at $90. See how that went. Down 90% since while BTC grinds into six digits. Take good profits on the way up and secure them with Bitcoin. That’s the only strategy that makes you a winner long term. Hit a follow @DU09BTC for more market insights in the future and share this message if you enjoyed reading it.