At 9am EST tomorrow, Hyperliquid Strategies [$SONN] have their shareholders vote on the merger of numerous entities to form a new publicly-listed company that will hold and manage the $HYPE token as its primary treasury asset. $HYPE's performance in this recent drawdown has definitely caught my eye. Since 10/10 buyside flow behaviour has slightly changed on the token + general pair relative performance has held decently. I think HYPE has had a few growing pains recently - things like the pre-market price bumps, the $POPCAT situation, and concerns about whale privacy being exposed. Those definitely pushed some bigger players away, especially with the added fear around the token unlocks. But in my view, most of those bearish catalysts are largely behind us now. HYPE is more so a long leg of interest, paired against a basket of shorts [again - I may or may not have it on, I dont care what you think, and you shouldnt care either] There’s definitely maybe a slight sinister edge to all this. Looking a bit deeper, the Sonnet Biotherapeutics reverse merger functions as a vehicle for certain groups - reportedly including Paradigm though that part is more word-of-mouth and holds *0* weight - to unload their $HYPE bags through secondary offerings by PIPE-ing into $SONN and $PURR public-market bidders. It’s an OTC → reverse-merger → SPAC-style IPO pipeline that lets them exit without hitting $HYPE’s market price. They move HYPE into the new HSI entity to inflate NAV, then justify new HSI share issuances and offload them onto public-market buyers who dont really understand whats going on lol Anyway, it’s a catalyst and sets up a highly tradable window - should see strong two-way flows in the coming weeks. That volatility creates a much clearer, more dynamic trading environment than usual, with cleaner opportunities on both sides of the market.