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Hyperliquid traders are valuing Unitree near $38B versus an expected $9B IPO valuation. That gap looks bullish, but with this much leverage, the setup is extremely fragile.$BTC $ETH If the opening price fails to confirm the narrative, liquidations could accelerate before traders have time to reprice the risk. This is no longer just optimism. It is a liquidity risk. Real demand or a trap for late buyers?#WeakConsumptionFedSplit #SP500EarningsGap #BTCETFsVsLeverage