No large-cap asset has ever looked this strong against BTC this deep into a bear market. We've had brief lagging strength before post cycle top: - ETH/BTC early 18 - BNB/BTC post April 21 top if you count that as the major psychological BTC top What makes $HYPE different from almost every other altcoin in history is that it is setting a clean, price-discovery ATH vs BTC while Bitcoin is down roughly 40-50% from its peak. In every previous cycle (2018, 2022), a Top 20 altcoin would be down 60–80% against BTC by this point. Instead, HYPE is absorbing $300M+ unlocks and outperforming on real revenue ($800M+ ARR) and the HIP-6 ecosystem launch. I'm not expecting HYPE to have a completely easy free ride over the next 6 months, but we are seeing something unique. Without some major fud event, Hyperliquid's growing fundamentals & deflationary tokenomics (97% fee burn) should continue to see HYPE hold its own against Bitcoin in this bear market, which is something no large cap alt coin has ever done. Any major dips should be welcomed for bigger outperformance over the coming years.