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Why can HYPE experience a bull market trend during a bear market? I think the reason is simple: its business model is completely different from most DeFi projects. Most DeFi projects earn from TVL; when bull market funds come in, income increases, and when bear market funds leave, income shrinks. HYPE is more like an exchange. Regardless of whether the market goes up or down, as long as there is trading, it can continuously collect fees, so it profits from trading activity rather than the coin price itself. More importantly, HYPE has already formed a complete value loop: real fee income → buy back HYPE → burn tokens. In other words, the more active the trading, the higher the protocol income, the stronger the buyback and burn, and the circulating supply actually decreases. Additionally, it does not have the large unlocking and selling pressure typical of traditional VC projects. More and more traders come to Hyperliquid because of liquidity, and liquidity attracts more traders, starting a network effect. Therefore, I believe this round of HYPE's rise is not purely driven by sentiment, but the market is beginning to see it as a company that can truly make money and continuously buy back its own stock (tokens). In the future, its biggest highlight is not whether it can surpass other DeFi projects, but whether it can continue to capture market share from centralized exchanges like Binance, Bybit, and OKX. If it really achieves that, HYPE's ceiling might be much higher than many people currently imagine. $HYPE