The sentiment for Hyperliquid ($HYPE) is strongly bullish, with the author suggesting a bottom was established when the asset held above $20 despite Bitcoin ($BTC) dropping from $80k to $60k. Increased trading volumes for stocks and commodities on the protocol, alongside the progression of the Clarity Act, are cited as key fundamental drivers. The author anticipates further price discovery and spot buying if $HYPE holds above $50, potentially coinciding with the SpaceX IPO.