Hyperliquid’s native token HYPE remains near record levels, trading around $81 after briefly breaking above $83 and climbing sharply from a stage low near $51, with market capitalization previously cited near $19.5 billion. Prominent trader Lu Yao said the broader crypto market is still in a bear cycle and only HYPE is in a bull phase because it has set all-time highs and, in his view, will keep doing so, while describing the late-bear rebound as a volatile “monkey market” in which Bitcoin could still probe $90,000–$100,000 before sharper swings return. That run-up collides with Hyperliquid’s largest monthly token unlock on August 29, estimated at about $560 million of insider-facing supply from the 1 billion-token calendar, following mixed reactions to prior monthly releases. Regulatory and product catalysts, including Coinbase’s 50x Base-app perps via Hyperliquid and comments that the CFTC is working toward compliant U.S. access, remain part of the backdrop as traders weigh new supply against momentum.