$HYPE has honestly held up better than the broader market in this move. As of 20:00, it’s trading at 84.57, down 1.6% over 24 hours, but still up 4.0% over 7 days—a rare sight in a market where almost everything is in the red. From a narrative perspective, the fundamentals behind HYPE haven’t changed: it’s a decentralized exchange for perpetual contracts. Its tokenomics model, which uses protocol revenue to buy back tokens, is what fundamentally sets it apart from many purely narrative-driven coins—the price isn’t supported by sentiment alone, but is tied to actual trading activity and fees. However, 24-hour trading volume is now 33.82 million USDT, just 0.6 times the average daily volume over the previous 7 days, suggesting that short-term interest is cooling. The daily RSI14 is at 51, neither particularly strong nor weak, and price is at the 43% mark of its 30-day range of 74.45 to 97.74, suggesting the chart structure hasn’t broken down yet. On the 4-hour chart, the current price is 2.1% below the MA20, while it has edged down just 1.4% over the past 24 hours, showing that short-term capital is clearly sitting on the sidelines. By comparison, $AVAX is trading at 8.521, down 23.3% over 30 days, with a daily RSI14 of just 37. Its trading volume is also only 0.7 times the average over the previous 7 days. Both have public-chain narratives, but capital has pulled out more noticeably from AVAX than from HYPE. Taken together, these two suggest that market capital is currently concentrating in protocol tokens backed by actual revenue, while public-chain tokens driven purely by narrative need stronger ecosystem developments to support their valuations. That’s both a risk and a direction in which the market is diverging. Just my personal opinion—not investment advice. #HYPE #AVAX #PerpetualContracts