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BlockBeats News, May 23rd, Cryptocurrency trader Michael van de Poppe stated in an interview with CoinDesk that the current market risk appetite is increasing, with Hyperliquid's strong performance and the resurgence of AI-related crypto assets possibly signaling the start of the next altcoin season. Van de Poppe pointed out that HYPE recently hit an all-time high, partly due to the U.S. market launching ETF products related to Hyperliquid and European traders shifting to the platform for perpetual contract trading. He believes that Hyperliquid's expansion into tokenized stocks, commodities, and pre-IPO assets is accelerating the trend of on-chain assets in the crypto market. However, he also noted that in the medium to long term, Solana is still more attractive for investment compared to Hyperliquid, as it transitions from a "retail-driven ecosystem" to institutional-grade infrastructure. In the AI race, he believes that NEAR Protocol and Bittensor are still significantly undervalued, despite the continuous growth of their ecosystems. He highlighted that the valuation of these AI tokens still lags behind traditional AI companies, but AI tokens may regain funding attention in the future. Van de Poppe also emphasized that the current crypto market liquidity is flowing towards a few high-growth protocols, while the macro environment remains a key variable, including bond yields and central bank policies worldwide. He warned that continued inflation or a restart of interest rate hikes could put pressure on risk assets.

The current US real estate market is in a sensitive recovery phase. Interest rate hikes often push up mortgage loan rates, further increasing repayment pressure on homebuyers and raising financing costs for property developers. These effects all hinder the recovery process of the real estate market, which is the core background of Navarro's viewpoint.

Michael van de Poppe stated that the rise of Hyperliquid and increasing interest in AI crypto projects indicate a return of risk appetite for altcoins. The Bitcoin price has dropped to around $74,300, more than 10% below the early May peak. US-listed spot Bitcoin ETFs have seen outflows of over $2.26 billion in the past two weeks.