Is Hyperliquid Overvalued? The Bull Case & Risks Explained
Speakers
John Gillen
— Co-Host, Milk Road Macro
Summary
Guest m0xt discusses his recent profit-taking on Hyperliquid (HYPE) after a price surge past $50, driven by a Coinbase/Circle treasury partnership. He shares his long-term bullish view on Coinbase (COIN) despite trimming exposure, and co-host John Gillen adds his own bullish thesis citing regulatory clarity and strong fundamentals.
- m0xt sold some HYPE after 70% gains, citing uncertainty about sustainability of price spike.
- Hyperliquid's price rally attributed to Coinbase/Circle partnership for treasury yield deployment.
- m0xt remains long-term bullish on Coinbase, focusing on AI adoption and margin improvement from layoffs.
- John Gillen bullish on Coinbase, citing strong brand, diversified business, and upcoming regulatory clarity from the Clarity Act.
- Discussion of Coinbase's strategic refocus and layoffs as a positive long-term move.
- Competition from Morgan Stanley e-trade and potential land grab in crypto services noted.
- Advertisements for Milk Road Pro and Pharos network included.
Trade Ideas
HYPE near $50: take profits.
Hyperliquid's recent price spike to over $50 is driven by the Coinbase/Circle treasury partnership, but buyer enthusiasm may not be sustainable without actual volume increases. I sold a portion of my HYPE holdings to lock in 70% gains and reduce risk, while still maintaining a long position.
COIN long-term bullish.
Coinbase has a strong brand, diversified business lines, and a great team. The upcoming regulatory clarity from the Clarity Act will further benefit Coinbase and open the door for more competition, but Coinbase is well-positioned to succeed in that environment. I am very bullish on Coinbase long-term.
Up Next
This Milk Road Macro video, published May 23, 2026, features m0xt discussing HYPE, COIN. 2 trade ideas extracted by AI with direction and confidence scoring.