Yesterday, we talked about that letter submitted to the SEC and mentioned that the regulatory risks you’re worried about—Hyperliquid is already working to solve them for you. Today, Trump directly mentioned its name at the White House: 'I know Mike is also pushing for Hyperliquid to enter the U.S. in a fully compliant and legal way.' HYPE responded by surging 19.7%, climbing back to $70. The 'Mike' Trump referred to here is Michael Selig, the chairman of the CFTC. This distinction matters. Yesterday’s 15-page opinion letter was submitted to the SEC, and the first of its five recommendations was for the SEC and CFTC to align their classification standards. This was during the August 19th White House meeting with crypto and prediction market executives. At the same event, Trump also urged Congress to pass a fair version of the CLARITY Act. Attendees included Coinbase’s Armstrong, Ripple’s Garlinghouse, and Robinhood’s Tenev. HYPE shot up from the $58.5 range straight to $70, gaining 19.7% in 24 hours. On Nasdaq, Hyperliquid Strategies—ticker PURR—spiked as much as 31% intraday. Just yesterday, we wrote that the institutional names in PURR’s Q2 13F filings don’t prove who’s betting on regulatory approval ahead of time. But today, there’s no need to say much—whether they bet or not, they’ve certainly caught a 31% daily candle. On-chain data shows open interest dropped from about $1.7 billion to $1.66 billion, down $38.5 million in 24 hours, while the number of positions only increased by 75. This indicates no new money came in—the 20% surge wasn’t driven by longs buying in, but by shorts getting squeezed out. One short position that’s been open for 16 months, 0x45d2, entered at $28.79 and is now sitting on a $17.96 million unrealized loss. Another short from two weeks ago, 0x8def, has a $48.18 million position entered at $53.72, now facing a $11.34 million loss. Among the top 10 positions, six are shorts—all bleeding heavily. On the other side, the largest long position, 0x082e, has been held for 10 months, entered at $38.68, with a position size of $96.96 million and an unrealized profit of $43.58 million. Now let’s look at the liquidation zones: A 5% drop to $66.53 would liquidate $30.7 million in long positions; a 5% rise to $73.54 would only liquidate $10.4 million in shorts. Dropping further to $59.51 would accumulate $69.6 million in liquidations; rising to $80.51 would only accumulate $29.4 million. Total liquidation below is $123.8 million, while above is $59.1 million. The nearest magnet level is at $68.50, with $14.4 million, just 2.2% below the current price. Three days ago, it was only making $230,000 a day, and people might have thought Hyperliquid was facing another crisis. Today, the President mentioned its name at the White House. 'People think Hyperliquid is a cryptocurrency app, just like people once thought Amazon was a bookstore.' #HYPE #Hyperliquid #CFTC #Trump