It's hard to ignore the timing of Arthur Hayes withdrawing that massive amount of HYPE right at the peak. Even if the fundamentals show strong buybacks from the fund, whale movements like that often signal a short-term top or a liquidity shift. The 99% fee flow is great for long-term value, but market psychology can override that when big players take profits. I'd be very cautious here and wait for the market to absorb that sell pressure. Just my two cents, definitely not financial advice.

The bear case regarding suspicious whale exits is valid, but we also need to look at the bigger picture of the utility. Hyperliquid has been generating massive volume, and the mechanism directing fees to buybacks creates a natural support floor over time. While a pullback after hitting a record high is normal—especially with large wallets moving funds—the underlying protocol strength remains. However, in this market, anything can happen, so manage your risk carefully and always check the official data yourself.