Wu Blockchain analyzed the order books of 86 assets over the past year and found that the median dollar depth within 5 bps for Hyperliquid’s long-tail assets fell by 82%, with depth also declining significantly relative to Binance. The article attributes this to high fees, network congestion, and advantages enjoyed by top accounts, arguing that these factors are squeezing smaller market makers and affecting the HIP-4 prediction market ecosystem as well. It’s important to note that the study covers only long-tail assets, so its findings can’t be directly applied to major coins. An 82% drop in depth suggests market makers are leaving, but the source doesn’t say whether the price of $HYPE or overall platform trading volume weakened at the same time. My approach is to first see whether price and volume can sustain their trend, rather than rush to chase a single news item.