Dragonfly managing partner Haseeb Qureshi said Hyperliquid and centralized exchanges have limited user overlap, with users unable to complete KYC or access mainstream platforms turning to Hyperliquid as their main trading venue. He noted that Hyperliquid’s market share is growing while CEX volumes have not declined, indicating market boundary expansion rather than a one-way shift, and expects crypto markets to perform well over the next 6-12 months.