$HYPE on fire - new ATH $73.48 and nobody agrees why

The bull case:

Hyperliquid ETFs pulled $72M+ in May. CFTC just greenlit Coinbase global crypto perps. The buyback mechanism burns fees and pumps HYPE directly - no governance vote, no proposal, just code. Spot ETFs + buyback = feedback loop.

The bear case:

June 6. $684M unlock - 1.9% of supply hits the market in one day. That is not a trickle. That is a faucet. Even with ETF demand, 684M worth of unlocked tokens needs buyers. If the buyback is doing $10M/week, it covers roughly 2 days of sell pressure before the month is out.

The real question - and nobody has a clean answer:

Did the ETF inflows front-run the unlock knowing the dip would get bought? Or did retail buy the ATH right before supply hits?

ATH 4 days before unlock is the most interesting setup in crypto right now. Everyone is watching the same clock.

$HYPE