First, let’s clarify the basis for the on-chain data: as of 2026/11/16 00:00:03, DefiLlama reported TVL of approximately $91.00M for the Hyperliquid Spot Orderbook (Hyperliquid L1), down 18.0% over the past 24 hours. The change in TVL alone doesn’t explain why it changed, nor does it mean there was a net inflow of funds. I prefer to first see whether volume and price action can continue before reacting to a single headline.