Finally bought some $HYPE on this pullback

Yesterday Hyperliquid reached ~1.5% of CME's silver futures volumes. Non crypto assets now represent ~1/3rd of its perpetual futures volumes. My main hesitation with holding HYPE was that the assets it trades are in a period of contraction and volumes/open interest on crypto assets have been bleeding for months. This made Hyperliquid a bet on speculative activity and volumes for crypto assets in my eyes. So while it was great as a platform, I didn't feel as strongly about the assets traded on it. However, the recent rally in metals opened the door for Hyperliquid to be more than just a crypto exchange, with TradeXYZ doing $4.28b of volume yesterday. I think HL could increasingly become viewed as a liquidity hub/trading venue, that just happens to be on crypto rails; especially as tooling for institutions to trade on HL improve and obfuscates any need for being "crypto native". If HL can continue to execute as it has shown it's been able to, this new development opens up the door for a much higher valuation ceiling and shift away from crypto market cyclicality. Probably not a coincidence that HYPE is the only crypto asset in an uptrend paired against Bitcoin outside of USDT.

I think the recent forward looking outlook for altcoin volumes/fees have caused rev multiple compression from 20x+ to around 10x today, but think trad market perps open up the valuation ceiling and lets the market dream the dream again.