Everyone keeps calling Hyperliquid the future of regulated perps — so why is $HYPE the one sliding? It's near $77.31, down about 1.2% today and roughly 12% below the $88 area it held a week ago, on $547M in volume. The news flow hasn't slowed: the CFTC cleared equity perps on Nov 3, Hyperliquid Strategies filed to register as an FCM, and Kraken's parent Payward is set to be the first CFTC-regulated HIP-3 deployer. Even the Nov 6 unlock scare was smaller than feared — only 180,000 tokens actually went out, not the 9.92M on the trackers. $BTC is flat near $75,708 meanwhile, so this isn't the market dragging it down. I'm watching $75: hold it and the regulated-perps story gets a second look; lose it and this slide likely has further to go. Reclaim $80 and the tone flips fast. Which side are you on — is this a dip to watch or a warning to respect?

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