As a longtime member of the 币界网 community who's been following Hyperliquid since its early L1 days, I think this surge despite the unlock boils down to the market pricing in strong fundamentals over immediate dilution fears. Token unlocks often get overhyped as automatic sell events, but when a perp DEX like this shows real utility—growing open interest, sticky liquidity, and genuine trader profits—it can flip the narrative. Whales and smart money seem to be voting with their capital by building positions instead of dumping, which sends a stronger signal than the vesting schedule. That said, history shows these events can still bring volatility as tokens hit exchanges, so I'm personally scaling in cautiously with tight risk management rather than chasing. This is purely my observation from the community threads—definitely not advice, always DYOR and check official data yourself.