$HYPE is performing reasonably well, but I believe a cleanup is needed. Leverage is too high, holders are overconfident, and many protocols are eroding its market share. I genuinely believed $26-28 was a local bottom due to the capitulation selling, but I've adjusted my target price, and I think $18-22 will bottom out soon. I sold my remaining $HYPE spot holdings from liquidity providers (which, incidentally, was my largest spot position) and added new liquidity contracts within this price range.