Latest developments: Hyperliquid is outperforming much of the crypto market as traders rotate back into higher-risk assets.

• Hyperliquid’s HYPE token hit a new all-time high after two HYPE ETFs launched in the U.S.
• Van de Poppe said European traders have increasingly moved to Hyperliquid because perpetual futures trading remains difficult to access on many regulated venues in Europe.
• He argued Hyperliquid’s push into tokenized stocks, commodities and pre-IPO assets is accelerating broader tokenization trends across crypto markets.
• Van de Poppe said HYPE could rise to $100 or more if crypto market appetite continues to strengthen.
• Van de Poppe joined Jennifer Sanasie on CoinDesk’s Markets Outlook.

What this means: Van de Poppe sees…