Hyperliquid and Ethereum are leading today’s crypto rally, with both showing stronger momentum than the other major assets, according to Glassnode. The interesting part is the relative strength. When ETH and HYPE outperform while the broader market is recovering, it can signal that traders are becoming more willing to move further out on the risk curve. For HYPE, the recent U.S. regulatory narrative around bringing Hyperliquid onshore adds another potential catalyst. Ethereum, meanwhile, continues to attract attention around staking, tokenization and its role as the main settlement layer for on-chain finance. The key now is whether this leadership persists after the initial rally. One strong day shows momentum; sustained outperformance shows a real rotation. #BTC Above 60K# #Ethereum $ETH $HYPE