Macro Intelligence Briefing: Microstructure Dislocation (LSK), ETH Q3 Re-Rating, and Hyperliquid's Open-Interest Share Capture

A $41.13M single-asset liquidation cascade in LSK, a record-tier 60.62% quarterly advance in ETH, and Hyperliquid's all-time-high 10.5% share of global perpetual open interest define a tape driven by venue-level microstructure rather than aggregate beta. With sentiment at Greed 61 and stablecoin telemetry flat at Neutral, capital is reallocating internally, not entering.