The crypto market is nursing a nasty hangover after a major panic episode earlier this week, with the total market cap of crypto sliding 1.8% to $3.75 trillion as the infamous Red September curse threatens to claim another victim.

Yet in this sea of red, there’s at least one token staying afloat: Hyperliquid’s HYPE is up a defiant 9.26% and standing as the only cryptocurrency in the top 11 showing green on the day.

Meanwhile, traditional markets are playing a different tune entirely—the S&P 500 edged up 0.22% to 6,619 points while gold climbed 0.33% to $3,762 per ounce, showing investors still have appetite for some risk assets, just not crypto risk—at least not right now. What’s more, President Donald Trump announced…