"Institutional US flow will migrate to Kali and Coinbase because it legally has to."

… When crude oil has a crisis on a Saturday and  CME is dark, where does the world actually trade?   On Hyperlquid. That is the structural moat  regulated venues simply cannot replicate.   So which side of the regulatory tide is hyperlquid  really on? The honest read is that it depends   entirely on which trader you're talking about.  Institutional US flow will migrate to Kali and   Coinbase because it legally has to. But the global  cryptonative trader who wants higher leverage,   self-custody, and access to assets no regulator  would ever approve is not abandoning Hyperlid. And   there's a genuine argument that regulated venues  grow the entire pie rather than cannibalizing it.   If Colry brings in institutions who previously  avoided PES entirely, total ma …