short_hypeHYPEUSDT Perpetual ContractBYBIT:HYPEUSDT.Pthe_plug_devThe market appears to have reacted positively to the Coinbase treasury announcement before the announcement itself. The expansion from the previous range into the $75 region looks, to me, more like anticipation than reaction. I am currently leaning bearish. Not because the news was bad. Because the move may already have happened. The current higher high creates an obvious liquidity target above the market. I would not be surprised to see one final squeeze into the $85-90 region before a larger reversal begins. Above that level I would consider my bearish thesis invalidated. My longer-term interest remains substantially lower. The retracement levels between the 78.6% and 88.6% fibs continue to attract my attention, with the $18-23 region representing an area where risk/reward becomes significantly more attractive. Thesis * Market rallied before the announcement. * News event may have marked the end of the expansion phase. * One final short squeeze remains possible. * Higher timeframe liquidity likely sits above current highs. * Broader crypto market still appears vulnerable. * Significant retracement remains my base case. I am not bearish on Hyperliquid as a product. I am bearish on paying peak-cycle prices for it.