South Korea’s two biggest exchanges listed $HYPE today, but the price didn’t rise. Upbit opened three trading pairs—KRW, BTC, and USDT—at 2 p.m. Beijing time today. Bithumb followed at 3 p.m., listing only the KRW pair. After the announcement, HYPE bounced just 1.4%, opening at $74.93 before sliding to $73.42 by the afternoon. Binance’s daily chart looks even worse: yesterday’s close was $75.19, and today it plunged to a low of $70.42. It’s now at $72.49. The $10,000 invested at yesterday’s close is now worth just $9,641, while buying the dip at the low would have brought it to $10,294. Market cap stands at $17.58 billion, still 26% below its all-time high of $97.96 on September 23. South Korea is one of the world’s top five markets for crypto adoption, and direct KRW trading is certainly a genuine positive catalyst. But with $2.4 billion in derivatives open interest hanging overhead—two-thirds of it on Hyperliquid itself—a market downturn means the listing news gets sold into first by leveraged traders. #HYPE #Hyperliquid