ICE (owner of the NYSE) is reportedly exploring a partnership with Hyperliquid after its CEO said the platform has become "bigger than Nasdaq" with just 11 employees. That's a massive signal for onchain trading infrastructure. Hyperliquid now has: • ~$9.5B open interest • Strong ETF inflows • Growing institutional attention • Real discussions happening with TradFi giants POV / strategy: • HYPE is evolving from "hot perp DEX token” into a serious institutional infrastructure narrative • The biggest bullish factor is no longer hype — it's actual TradFi engagement • Risks remain around regulation and centralization concerns, but market clearly keeps treating dips as accumulation zones