HYPE Explodes 79% in Q2 — Protocol Revenue Hits $840M Annualized, $1B Cumulative Holder Revenue; JPMorgan Warns of ETF Stall

Hyperliquid's HYPE surged 79% in Q2 against BTC's 14% drop. Protocol revenue annualized at $840M, cumulative holder revenue $1B. USDC transition and $309M ETF inflows add institutional credibility. Short-term technicals show triple-top reversal and rising OI, but the breakout signals maturing cash-flow machine. JPMorgan warns HYPE could lose ground to SOL, XRP as ETF inflows stall — adds institutional bearish weight.