The fact that Grayscale keeps updating its HYPE ETF filing tells me institutional interest around Hyperliquid is getting very real. Adding staking yield is especially important because it gives the ETF an actual income angle instead of being just another passive crypto product. What stands out even more is that competitors already pulled in $60M+ in flows this week. That's strong demand for a relatively new ecosystem, especially while the broader market still looks shaky. I think Hyperliquid is becoming one of the strongest narratives in crypto right now because it sits at the intersection of trading infrastructure, real yield, and institutional adoption. That combination is hard for the market to ignore. Personally, I'm bullish on HYPE long term. Short term though, after such a huge rally and extremely bullish sentiment, I'd expect volatility and possible pullbacks before the next major move higher.