According to CoinMeta, Lula won the Brazilian presidential election, becoming the first president of Brazil to begin a fourth term. With a voting rate of 99.99%, Lula received 51.78% of the votes, while Senator Jair Bolsonaro received 48.22%. Before the vote, Polymarket predicted a 80% chance of Bolsonaro's victory, but Lula managed to turn the tables in the second round. After the announcement of Lula's win, the perpetual contracts linked to iShares and MSCI Brazil ETF (which are tied to EWZ) on Hyperliquid fell by more than 22%.