🥛 Goodbye Hyperliquid 👋

GM. This is Milk Road, the crypto newsletter that's the Spotify Wrapped of the crypto world, but daily.

Here’s what we’ve got for you today:

✍️ Goodbye Hyperliquid.
🎙️ The Milk Road Show: Privacy Could Be The Biggest Crypto Opportunity of 2026 w/ Min Teo.
🍪 Saylor: Bitcoin's network effect is different from Facebook or Apple.

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Prices as of 2:00 p.m. ET. Powered by Coingecko.

GOODBYE HYPERLIQUID: WHY OUR LEAD ANALYST SOLD HYPE 👋

Our lead crypto analyst (M0xt) just sold Hyperliquid twice in 24 hours.

… all while crypto Twitter is calling for HYPE to move from $59 to $100.

Either he's lost his mind, or he's running a different playbook than the rest of them.

(Hint: it's the second one.)

First, some context on what's happening with HYPE…

It ran from around ~$39 on May 14 to around ~$59 today. A ~50% gain in about a week.

Source: TradingView

The catalyst landed on May 14, when Coinbase and Circle dropped a joint announcement:

The two of them staked 1M HYPE combined (~$40M) to operate a new framework called AQAv2.

Which sounds kinda complex (and it is) - but its job is simple:

Take the $5B of idle USDC sitting on Hyperliquid and put it to work - sending the majority of the yield generated by those reserves back to the Hyperliquid protocol.

The numbers go like this:

$5B in reserves.
~4% T-bill yields.
90% revenue share.

So that's * counts fingers * roughly $180M a year in fresh recurring revenue, sitting on top of the trading fees Hyperliquid already earns.

The market obviously noticed (see: the 50% run).

But there's a catch baked into the next leg…

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GOODBYE HYPERLIQUID: WHY OUR LEAD ANALYST SOLD HYPE (P2) 👋

Hyperliquid's assistance fund (the protocol's onchain treasury where fees and revenue get parked) hasn't actually reported the first AQAv2 inflow as a confirmed line item yet.

Until that disclosure hits, the $180M figure is just an estimate.

A well-supported one, but an estimate all the same.

M0xt's read on it:

The first leg of the re-rate already played out on the announcement of AQAv2. The second leg will fire when real numbers show up onchain.

Which brings us to why he's trimming, despite being long-term bullish.

1. The position has run hard and fast.

HYPE has nearly doubled from his average entry, and its market cap is pushing $15B.

When a trade moves that quick before the confirmed revenue prints, taking some chips off the table is just good risk management.

Source: CoinGecko

2. He wants dry powder for the next rotation.

Instead of trying to time exact tops, M0xt is freeing up cash so he can be ready for whatever moves next.

Net result:

He's trimmed his HYPE position (but still holds the majority of it), the bet on the AQAv2 re-rate is still alive, and he now has a little more dry powder to play with in the coming months.

In fact, he’s already sprinkled some of those profits across three separate, yet-to-run plays within crypto, fintech, and AI.

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BITE-SIZED COOKIES FOR THE ROAD 🍪

There is one big problem with Bitcoin: Payments. We just released a review on GoBTC that’s making Bitcoin easier to use for everyday payments.*

Saylor: Bitcoin's network effect is categorically different from Facebook or Apple, here’s why…

Shoulder to shoulder: Bank of America surveyed roughly 200 portfolio managers and nearly 75% said semis are now the most crowded position in the market.

Raoul Pal: Here’s how to spot a blockchain that's got staying power…

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