$HYPE is having a rough morning even with the bigger story still in play — down about 8% near $77.80 on over $1.4B in volume, while $BTC slides 5.8% toward $76,100. The chatter about Hyperliquid powering regulated perps for US traders hasn't gone quiet, it just isn't enough to fight a red tape like this. I'm watching whether $HYPE holds $75 — if it does, that narrative probably keeps it on radars a while longer. #Hyperliquid