It's already clear where the last pump on Hyperliquid came from.

The narrative about the ETF did its job.

Capital entered earlier, the hype picked up… and now the classic scenario:

buy the rumor → sell the news

The market likes to anticipate facts — it does not react to the news, but to the expectations regarding it.

If the ETF is actually announced, it is often a moment for profit realization, not further increases.

The question is not "will there be an ETF", but:

how much of this is already priced in?