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Author: Catrina Wang

Translation: Deep Tide TechFlow

Deep Tide Introduction: When Crypto Twitter was almost unanimously bullish on HYPE, crypto analyst Catrina Wang stood on the opposing side. She argued from four dimensions: the selling pressure from token unlocks, the absence of marginal buyers, hacker risks, and key person risks, that HYPE is unlikely to double based on the current $40 billion FDV. The article does not deny the excellence of the Hyperliquid product itself but provides a calm valuation anchor for its price trajectory.

I know this article will not win me any friends. Many people I like in the Crypto circle are super bulls of HYPE, and I have no motivation to short it. But I write this article because amidst the frenzy in CT, someone has to step up and provide a calm perspective. Below is my complete outline of the counterpoint on HYPE.