Hyperliquid’s focus on this line is no longer just a story about trading volume; it’s moving toward a path to U.S. compliance. They want to take on-chain perpetual contracts from being able to be used to being able to be used legally—this difference is huge. Once the opening is there, the liquidity that was previously flowing out may have a chance to flow back in, which is relatively positive for $HYPE . In the short term, it’s easier to get to expectations first.