$HYPE is back near the top of the trending list this morning, and this time it's leading the slide — down about 6% near $83.20 on well over $1.1B in volume, while $BTC is softer too, down roughly 2.3% near $76,740. That gap tells me the pressure is heavier on the perp names than on the majors right now. I'm watching whether $HYPE steadies above $83; if it does, the trending crowd probably sticks around, but a slip under it could keep the slide going. #Hyperliquid