According to Flood on Twitter, traders have highlighted several bear cases for Hyperliquid, including concerns over centralized governance, low on-chain activity, and limited token utility, all of which could impact its price stability and growth potential in 2025 (source: @ThinkingUSD, May 24, 2025). These factors are critical for crypto traders evaluating risk management and portfolio diversification strategies, especially amid growing competition in the decentralized exchange market. Monitoring Hyperliquid’s governance updates and adoption metrics remains essential for informed trading decisions.