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Hyperliquid has real trading revenue, a composable order book, and HYPE purchases and burns. Yet user growth has not produced faster revenue growth on the same basis. Business expansion merits conditional optimism; an infrastructure valuation premium still needs incremental developer demand and net token capture.
The market is repairing the tail end of a crypto winter rather than confirming a new trend. ETF flows, regulated infrastructure, and privacy are improving, while leverage, liquidity quality, regulatory transition, and exchange security remain key fault lines.
BlackRock provides model allocations while Ondo carries issuance, rebalancing, and liability. The durable value depends on whether Ondo can turn onchain portfolio issuance into shared infrastructure for multiple asset managers, not on one brand endorsement.
