Hyperliquid — one of the most hyped DeFi perps venues of the post-2024-halving cycle — just recorded weekly net capital outflows of more than $430 million (third-largest weekly outflow on record, per widely cited Dune tracking). At the same time, Bitcoin is ~30% below its peak and a growing set of analysts argue the market is already shifting into a bearish regime. Read our Hyperliquid compliance report!