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Arthur Hayes, co-founder of BitMEX and Chief Investment Officer of Maelstrom, announced on June 4 that he has exited his entire positions in both Hyperliquid’s HYPE token and NEAR Protocol — reversing two of his most publicly stated high-conviction long calls — citing five macro and geopolitical factors he believes will weigh on risk assets between now and early Q3 2026. Related Reading: Smart Money Keeps Buying HYPE Despite Rising Market Fear – Price Holds Above $70 Level The exit marks a significant about-face for Hayes, who had publicly identified HYPE as one of his two largest positions outside Bitcoin earlier this year — alongside ZCash — with a stated price target of $150 by August 2026, per reporting of his Consensus Miami remarks. HYPE had already delivered returns well above his entry price following a 55% weekly surge that pushed the token above $56 before analyst Ali Martinez flagged an overheated technical setup at the $59–$60 resistance zone. Hayes, it appears, agreed with the diagnosis. HYPE's price records important losses on the daily chart. Source: HYPEUSD on Tradingview The Five Reasons He Cited In the X post, Hayes offered a five-point TLDR ahead of a full essay titled “Reality Test,” which he said will drop on Tuesday. The reasons are specific and macro-driven rather than project-specific — a signal that the exit is a portfolio-level risk management decision rather than a loss of conviction in either HYPE or NEAR as assets. The first factor is higher energy prices driven by the ongoing Iran war and inventory restocking — a dynamic Hayes has consistently flagged as a macro headwind for risk assets throughout 2026. The second is the pipeline of three mega AI initial public offerings he anticipates between now and early Q3, which he expects will absorb significant institutional risk capital that might otherwise flow into crypto. The third is a prediction that President Trump will pivot to an anti-AI political stance ahead of the midterm elections — a move Hayes believes would be used to win Republican seats and could create further uncertainty for technology-adjacent risk assets. The fourth is a broader view that market highs across asset classes will occur between now and September — implying the risk-reward of holding leveraged positions into that window is unfavorable. The fifth is personal: Hayes said he wants to take profit and enjoy what he called a “two-step in beefa” — a reference to time in Ibiza — without the psychological weight of open positions. What The Exit Signals For HYPE The position reversal arrives at a technically sensitive moment for HYPE. The token had delivered 130% in year-to-date returns at the time Ali Martinez flagged the TD Sequential sell signal and overbought RSI at the $59–$60 resistance zone — the same area Hayes appears to have used as his exit window. With one of the most prominent public bulls now fully out, the near-term price action for HYPE will depend heavily on whether the institutional demand documented in Hyperliquid’s Q1 2026 report — $215 million in gross revenue, 71.5 percentage points of alpha over Bitcoin, four HYPE ETF filings from Grayscale, VanEck, 21Shares, and Bitwise — provides sufficient structural support to absorb the sentiment impact of Hayes’ public exit. Related Reading: XRP Price To See Violent Discontinuous Repricing And $10 Could Only Be The Start Hayes was clear that the exit is tactical rather than fundamental. A full explanation of his reasoning will arrive in Tuesday’s essay — and given his track record of macro calls, the crypto market will be reading every word. Cover image from Grok, HYPEUSD chart from Tradingview

A new research report from Grayscale Investments is putting Hyperliquid in the spotlight, describing it as a breakout success story in the evolving crypto market. The report highlights how the platform has rapidly gained traction by combining high-performance trading infrastructure with a fully on-chain model, positioning itself as a serious contender in the derivatives space. Hyperliquid’s Integrated Ecosystem Is Drawing Industry Recognition Grayscale Investments has significantly elevated the institutional profile of Hyperliquid after releasing a detailed research report titled “Hyperliquid Breaks the Mold”. An analyst known as Crypto Banter on X has revealed that in the report, Grayscale reportedly describes Hyperliquid as one of the breakout success stories of the modern digital asset industry. Related Reading: Hyperliquid Is Becoming A Core Infrastructure Layer For Crypto Finance The report points to several factors behind Hyperliquid’s rise, including its reported $800 million in annualized 2025 revenue, positioning it among the largest crypto assets by market capitalization, and a dominant force in the perpetuals trading market. Grayscale pointed out Hyperliquid’s open architecture, expanding spot trading, commodities, and even outcome-based markets. This versatility is also combined with self-custody principles and centralized exchange-level performance. In a notable move, Graysclae has also filed and recently amended an S-1 registration for a proposed Hyperliquid ETF, though approval from the US Securities and Exchange Commission (SEC) remains pending. Crypto Banter noted that this is a meaningful institutional recognition for a project that has generated real revenue, demonstrated strong product-market fit, and delivered technical innovation. Despite its rapid growth, the report emphasized that Hyerliquid’s revenue is small compared to the massive traditional global derivatives industry, pointing to significant upside if it continues taking market share. Why Hyperliquid Is Difficult To Compare With Traditional Crypto Platforms Hyperliquid stands apart from both traditional finance and existing crypto projects, offering a distinct and forward-looking model for blockchain-based financial systems. Rather than fitting neatly into established categories, the platform is described as breaking the mold. An investor known as Gustavo Am on X has also explained that Hyperliquid is offering a compelling vision for the future of blockchain-based finance. Related Reading: Hyperliquid Puts Wall Street Onchain — Will This Warp Crypto Volatility Next? At its core, Hyperliquid operates on an open architecture platform that encourages permissionless innovation, enabling it to stay true to foundational DeFi principles such as transparency and self-custody. At the same time, it is also structured around a highly optimized core application that has already proven its ability to attract and retain users. This dual approach positions Hyerliquid as more than just another protocol. However, if it continues to execute effectively, retain and grow its dedicated community, and benefits from favorable regulatory developments, it could potentially open the path to broader adoption and become a financial services juggernaut. Featured image from Medium, chart from Tradingview.com

On Tuesday, the Hyperliquid token (HYPE) surged to a new all-time high of $65, briefly propelling the cryptocurrency into the top ten by market capitalization and drawing fresh attention to the platform’s underlying momentum.  Grayscale Research released a new report 24 hours later on Wednesday, breaking down why Hyperliquid has worked so well so far, what has helped it expand beyond crypto trading, and what investors may look for next. Hyperliquid Beyond Crypto Perps In its report, Grayscale said Hyperliquid’s scale and growth can now be compared with the largest crypto derivatives venues, pointing to activity that has grown alongside its open interest and fees.  The firm noted that Hyperliquid handled about $2.9 trillion in perpetual futures (perps) volume in 2025 and currently holds roughly $7 billion in open interest.  Related Reading: Will XRP Price Ever Reach $200? Top Expert Discloses What Must Happen First The asset manager also ranked Hyperliquid as the third or fourth-largest perpetual futures exchange by open interest, emphasizing that volume, open interest, fees, and market awareness have risen together even as the platform has started expanding from crypto-native products into a wider range of tradable exposures. One of Grayscale’s key themes was that Hyperliquid hasn’t limited its expansion to traditional crypto perps. Instead, it has moved toward a broader set of products through an open architecture approach.  HIP-3 And HIP-4’s Success New functionality is introduced via Hyperliquid Improvement Proposals (HIPs), and those products are built and deployed by third-party teams rather than by Hyperliquid’s original creators.  Grayscale highlighted HIP-3 as a major step in this direction. HIP-3 enables builders to launch new perpetual markets, including non-crypto assets such as stocks, commodities, and index-based products.  Grayscale said the volume data support that view. During the February silver spike, silver HIP-3 perps reportedly reached more than $4 billion in daily volume. In a window on February 5, 2026, HIP-3 silver perp volume traded at roughly 1% of COMEX’s silver notional volume.  Building on that momentum, Grayscale pointed to HIP-4, which it described as extending the model to outcome markets—binary options that resemble prediction-market contracts.  4 Reasons Behind The Platform’s Growth  Alongside its product expansion, Grayscale said there are several reasons Hyperliquid has been able to stand out. The report emphasized product focus, arguing that Hyperliquid was built around the perpetuals trading use case rather than treating trading as one feature among many.  In Grayscale’s view, that allowed the platform to prioritize what active traders care about most: fast order entry, reliable execution, clear and readable positions, and an exchange-style interface that feels familiar.  The firm also highlighted distribution, arguing that the builder-code and frontend approach gives third parties a reason to route users into the same liquidity base instead of fragmenting attention across separate venues.  Grayscale added that the economics have already been meaningful; it cited Phantom’s integration of Hyperliquid perps through builder codes, noting Phantom has earned roughly $19.7 million from routed trading fees.  Lastly, Hyperliquid’s token distribution was structured to reward platform users rather than venture investors or pre-selected insiders, which Grayscale said helped build a different kind of early ownership. Key Risks For HYPE Even with the optimistic growth narrative, Grayscale ended by warning investors to consider both familiar crypto risks and some platform-specific concerns. It said HYPE’s annualized price volatility is about 80%, roughly 40 percentage points higher than Bitcoin.  Related Reading: Ethereum (ETH) Next Rally Could Start With These Two Triggers, Top Analyst Says It added that Hyperliquid’s growth potential partly depends on changes to United States financial services regulation that could open access to a broader set of users. Without those shifts, Grayscale warned the platform’s expansion may end up being limited mostly to other jurisdictions, potentially capping how far it can grow. Still, the report’s concluding message was that if Hyperliquid continues executing well, retains and grows its community, and benefits from regulatory developments that make broader adoption possible, it could become a “financial services juggernaut.”  Featured image created with OpenArt; chart from TradingView.com 

Hyperliquid (HYPE) recently broke into the top 10 cryptocurrencies by market capitalization, sitting alongside top players like Bitcoin (BTC) and Ethereum (ETH), after its price surged past $50 and set a new all-time high. Now, on-chain analytics platforms are showing what HYPE’s ultimate price could become if it surpasses Ethereum’s market cap.  Hyperliquid’s ATH Price If It Surpasses Ethereum’s Market Cap Hyperliquid skyrocketed past $50 a few days ago, surpassing Dogecoin’s ranking to take the 9th spot as one of the largest cryptocurrencies in terms of market capitalization. The move marks the first time the token has traded above this zone since late October 2025.  Related Reading: Why Is Bullishness Around Hyperliquid On The Rise Again? Currently, HYPE has extended its rally well beyond $60. The breakout reflects a strong shift in trading activity around the token, as well as renewed interest and confidence in DeFi protocols and AI-backed tokens. HYPE’s move back into this historic price range also suggests that traders and investors are once again engaging more actively with Hyperliquid’s perpetual futures DEX. Interestingly, the recent rally in the HYPE price has brought renewed focus on Ethereum, one of Hyperliquid’s biggest crypto and DeFi rivals. While Ethereum remains a dominant benchmark for decentralized applications, Hyperliquid is designed specifically for financial trading and derivatives. Nevertheless, data from Marketcapof has revealed how high HYPE’s price could reach if its market capitalization of $15.99 billion surpasses Ethereum’s, which is around $250.99 billion. Projections indicate the token could move well beyond its previous all-time high, potentially reaching approximately $1,127, marking a 17.92x from present levels. At more extreme ATH levels, where market euphoria is likely at its peak, estimates place HYPE as high as $2,633. This would represent a gain of about 42x from current prices, underscoring the scale of the cryptocurrency’s potential upside.  Competition Intensifies As HYPE Captures More ETF Inflows Than ETH Before recording an ATH, Hyperliquid has been strengthening its market position as capital continues to rotate away from major legacy assets like Bitcoin and Ethereum toward newer, high-growth protocols. HYPE’s recent performance reflects both rising adoption of its DEX platform and a broader shift in liquidity across the crypto sector. Related Reading: Dogecoin, ASTER, And HYPE: Large Token Unlocks Investors Should Be Aware Of A key driver behind the bullish momentum was the launch of spot HYPE ETFs by investment management firms Bitwise and 21Shares in May. The products have attracted millions of dollars in inflows, underscoring steady institutional demand for HYPE amid heightened derivatives activity. Earlier in the year, market volatility linked to the US-Iran war triggered record perpetual futures volume on Hyperliquid, pushing activity on the platform to new highs. Liquidity conditions also improved after Coinbase, the world’s largest crypto exchange, became the official USDC provider on Hyperliquid. Against this backdrop, Ethereum dominance is waning significantly. The cryptocurrency’s price has struggled to maintain momentum, falling roughly 30% year-to-date. ETF flow data reflects this shift, with about $1 billion exiting Bitcoin and Ethereum products while XRP and HYPE funds recorded about $94 million in combined inflows. Featured image from Medium, chart from Tradingview.com

Whale traders have taken their most aggressive net-long positions in eight months on Hyperliquid’s HYPE token, even as retail participants sit at a 12-month bearish extreme — a gap that data suggests typically resolves in favor of the larger players. Related Reading: When Bitcoin Gets Ignored, It Tends To Rally The Hardest, Analyst Says Retail Traders Stand Back As Big Money Moves In Data from Alphractal shows that since early May, large traders have been quietly building leveraged long positions while retail participants turned bearish and began short selling into the rising trend. That kind of split has historically triggered a wave of short covering by retail traders, pushing prices higher. HYPE was trading at $62.05 at the time of reporting, with a 24-hour trading volume of $830 million and a market cap of over $15 billion. The token slipped 2% over the past day, but its technical picture has stayed firmly bullish. Prices are tracking well above the 20-day simple moving average of $47.97 and have broken above the upper Bollinger Band, which analysts say signals strong momentum but also short-term overextension. #HYPE Tarihi direnç olan, grafikte belirttiğim Çanak direnci üzeri gün kapanışı yapmayı başardı. 59.54$ direnci üzerinde tutunduğu sürece grafikte belirtiğim çanak hedefi olan 170$ seviyelerini hedefleyecektir. Grafiği cidden güzel. Yakın takibinizde olsun. https://t.co/k3F6qaxRh6 pic.twitter.com/DiacAmgSN2 — Bitcoin Meraklısı (@Bitcoinmeraklsi) May 25, 2026 The Line To Watch Crypto analyst Bitcoin Meraklisi flagged a key development: HYPE closed a daily candle above $59.54, a level that had acted as stubborn resistance for months. Based on the structure of what analysts describe as a cup formation, that breakout opens a measured technical path toward $170 — a level that would represent roughly a 175% move from current prices. The $59.54 zone is now viewed as critical support. If the price holds above it, traders say the bullish case stays intact. A failure to hold could put the breakout in doubt. NEW: @Grayscale submits another Hyperliquid ETF filing! This one is amendment #3. Ticker will be $GHYP when it launches. Have to assume we are getting closer to a launch where we’ll have three hyperliquid:native ETFs on U.S. exchanges pic.twitter.com/lvrR3qbxM6 — James Seyffart (@JSeyff) May 22, 2026 The broader rally started taking shape in mid-May, following a period of consolidation through April. Prices have climbed sharply since then, and the MACD indicator has been trending upward in positive territory, with growing green histogram bars backing up the move. Related Reading: History Shows Bitcoin ETF Outflows Favor Accumulation, Says Santiment MACD Trend Aligns With Broader Market Push The Bollinger Bands have widened significantly, pointing to elevated volatility. TradingView data shows the price has risen sharply from lows seen in early February to its current range. In a separate but related development, Grayscale has filed a third amendment with the SEC related to a potential Hyperliquid ETF, while payments firm MoonPay has launched access to USDH and USDC through the Hypercore network — moves that reflect growing institutional interest around the Hyperliquid ecosystem. Featured image from Unsplash, chart from TradingView

Hyperliquid is increasingly evolving from a high-performance trading platform into a foundational layer of crypto’s financial infrastructure. What began as a decentralized perpetual futures exchange has expanded into a broader ecosystem that attracts traders, liquidity providers, builders, and capital at a growing scale. As activity across the platform increases, market participants view Hyperliquid as a core venue for a significant portion of on-chain financial activity. How Hyperliquid’s Evolution Extends Beyond A Trading Platform Hyperliquid is steadily evolving beyond a trading platform and into a full-scale financial supercenter of the crypto economy. According to the Delphi Digital post on X, the protocol is increasingly consolidating functions that traditional finance (Tradfi) typically separates among brokers, exchanges, and custodians into a single on-chain venue. Related Reading: Hyperliquid (HYPE) Could See Prices Reach $190 In Optimistic Market Capture Scenario At the core of this evolution is HIP-4, a feature that introduces outcome-based trading, allowing users to express views that perpetual futures cannot capture. A trader going long on Bitcoin in the Consumer Price Index (CPI) can be right about the number and still lose on the price reaction, and binary pay on the outcome. The direct fees generated by HIP-4 represent only a small share compared to the trade flow already accumulated in Hyperliquid. At the expected volumes, HIP-4 contributes roughly $25 million against Hyperliquid’s $636 million run rate. Delphi Digital argues that the capital that would typically rotate out for event views to other platforms now remains in Hyperliquid, reinforcing its liquidity. Circle’s USDC sitting in the venue is currently generating treasury yield, with  90% of it recycled back into HYPE buybacks. Additionally, HIP-4 has also changed what vaults can run, and on-chain vaults have been limited to two linear instruments that can be expressed.  However, outcome contracts introduce a powerful third instrument that pays directly on the event outcomes while netting against traditional directional position. With this added flexibility, vault creators can now build more sophisticated, event-driven strategies that hedge, and every trade that remains in the venue powers the flywheel. New All-Time High Reinforces Hyperliquid’s Market Leadership Hyperliquid is being viewed as a leading indicator for broader altcoin momentum. The CIO and founder of MNFund and MNCapital_vc, Michaël van de Poppe, noted that HYPE has repeatedly demonstrated an ability to move ahead of the rest of the market, often acting as an early signal that risk appetite is returning to digital assets. Related Reading: Hyperliquid Flips Solana By FDV As ‘Revenue Chains’ Race Heats Up In previous market cycles, strong momentum in HYPE has frequently been followed by broader strength across altcoins, making the asset a key indicator that many traders now monitor closely. However, with HYPE recently pushing toward a new all-time high in one of the strongest moves seen in the market for a long time, it shows there is an appetite for altcoins. Featured image from Medium, chart from Tradingview.com

Hyperliquid’s HYPE token has surged 55% in a single week and delivered more than 130% in year-to-date returns — but prominent crypto analyst Ali Martinez (@alicharts) is warning that the asset is now approaching a critical resistance zone with multiple technical indicators flashing sell signals simultaneously, a setup he says could trigger a retracement toward $40 if momentum fades at current levels. Related Reading: XRP Sees 4th-Largest Wallet Growth Spike Of 2026, Santiment Says In a post on X, Martinez laid out the technical case with precision. Three converging signals are appearing on HYPE at the same time: the TD Sequential Combo 13 sell signal is already active, a standard green 9 sell signal could confirm as early as the next session, and both the Relative Strength Index (RSI) and the Chande Momentum Oscillator are sitting at historically elevated — or overheated — levels, per the analyst’s analysis. HYPE's price trends to the upside following a surge in institutional adoption, as seen on the daily chart. Source: HYPEUSD on Tradingview  Why The Setup Concerns Martinez The significance of the current configuration lies in precedent. According to Martinez’s post, the last two occasions when TD Sequential sell signals appeared on HYPE while the RSI and Chande Momentum Oscillator were simultaneously at overheated levels, both instances led to significant corrections. The analyst is not pointing to isolated indicators — he is pointing to a specific combination of signals that has already proven consequential twice in HYPE’s relatively short price history. HYPE's price entering a dangerous area if the asset can't sustain its current bullish momentum, as seen on the TD Sequential Indicator. Source: Ali Martinez on X  The analyst does leave room for one final push before any reversal materializes. HYPE could still push toward $59 or even slightly above $60 before momentum fades, he notes — but frames that move as a potential exhaustion run rather than the beginning of a new leg higher. If rejection comes from the $59–$60 area, a retracement toward approximately $40 becomes increasingly likely, per his assessment. That would represent a pullback of roughly 33% from the upper resistance zone — meaningful, but consistent with the corrections that followed the previous two sell signal setups he references. ZCash Flashing A Similar Warning Martinez also flagged ZCash in the same post, noting a comparable technical structure after a 40%-plus weekly surge. ZCash is approaching the same resistance zone that triggered a major rejection in November — around the $700–$730 area — with the TD Sequential now flashing a sell signal on the weekly chart. Because the signal appears on the weekly timeframe, Martinez warns the potential correction could be substantially larger, with first downside support near $500 and a deeper retracement potentially reaching $380. The parallel between the two assets is notable given that BitMEX founder Arthur Hayes has publicly disclosed large positions in both HYPE and ZCash — with a $150 HYPE target and a $10,000 long-term ZCash target — making the current resistance zone a critical test of two of his highest-conviction calls simultaneously. Related Reading: New Bitcoin Lows? Analysts Say Chances Are ‘Extremely Slim’ As of this writing, HYPE trades at around $56, consolidating just below the critical $59–$60 resistance zone that Martinez has identified as the make-or-break level for the near-term price trajectory. Cover image from Perplexity, HYPEUSD Chart from Tradingview

Hyperliquid (HYPE) has notched a fresh all-time high as activity across parts of the broader crypto market appears to be consolidating rather than accelerating.  While many competitors have stayed relatively range-bound, HYPE has pushed higher and is now inching toward Dogecoin (DOGE), the tenth-largest cryptocurrency by market cap. At the moment, DOGE still holds a sizable lead—about a $2 billion gap—though Hyperliquid’s latest move has put it back in the spotlight. HYPE Hits A New Peak At the time of writing, HYPE was trading around $61.94. During the day, it briefly surged to $62.80, setting a new record peak for the platform’s native token.  The price action has been accompanied by strong performance across several time horizons. On a weekly basis, the token is up roughly 48%. Over the past thirty days, the gains expanded to about 54%. Year-to-date, HYPE has recorded triple-digit growth, with a 134% increase so far. Related Reading: Bitcoin Could Hit Near $95,000 If It Holds Above This Critical Support, Top Analyst Says Part of the narrative around HYPE lately has been the alignment of bullish catalysts highlighted over the past few weeks by NewsBTC. The latest surge comes as investors appear to be responding to a growing set of market drivers aimed at Hyperliquid’s ecosystem—especially within the Hyperliquid ETF space.  Institutional interest beyond this nascent sector is also being framed as a key element of the current momentum. LookOnChain flagged large purchases tied to Grayscale, reporting that the firm was loading up on HYPE.  In one hour alone, Grayscale was said to be buying 115,733 HYPE, worth roughly $6.65 million. Looking across a longer window, the same tracking indicated Grayscale has accumulated 682,190 HYPE over the past week, totaling about $34.9 million. Is Hyperliquid Undervalued?  Meanwhile, developments on the infrastructure side may also be adding to the bullish case. Coinbase has been named as Hyperliquid’s official USDC liquidity provider, strengthening the stablecoin plumbing around the platform.  In addition, Coinbase is reportedly set to acquire USDH brand assets, a move that could further reshape how Hyperliquid’s token and stablecoin components fit together. Related Reading: Solana ETF Falls Behind As XRP Collects More Cash—Here’s The Catalyst Driving The Split Even with all of this, Bitwise’s CIO Matt Hougan suggested earlier this week that the market may not yet be fully pricing Hyperliquid’s broader value proposition.  Hougan said Hyperliquid appears to be caught in what he described as a “pricing error”—with investors treating it as little more than a perpetual futures exchange. His view is that the market still hasn’t recognized the platform’s longer-term trajectory, despite the growing wave of activity and institutional demand. Featured image created with OpenArt, chart from TradingView.com 

Hyperliquid has overtaken Solana on a fully diluted valuation basis, according to Arkham, adding a new market marker to one of crypto’s most closely watched comparisons: the rise of application-heavy, revenue-generating chains. Arkham summarized the move directly on X, writing: “Hyperliquid has flipped Solana by FDV.” The accompanying Solana market page shows SOL trading around $86.51, with a fully diluted valuation of roughly $54.22 billion, a circulating market capitalization near $49.99 billion and 24-hour volume of about $2.74 billion. The same screen listed Solana’s current supply at 577.86 million SOL and max supply at 626.75 million SOL. On Arkham’s Hyperliquid page, HYPE was shown trading at $56.71, giving the network a fully diluted valuation of about $54.57 billion. That puts it slightly above the Solana FDV shown in Arkham’s Solana screenshot, at roughly $54.22 billion. The comparison is notable because Hyperliquid’s circulating market capitalization was much smaller, at about $13.28 billion, reflecting a current supply of 238.39 million HYPE against a max supply of 962.27 million. Arkham also showed 24-hour HYPE volume of roughly $1.20 billion, with the token trading near its listed all-time high of $59.30. Hyperliquid has flipped Solana by FDV. pic.twitter.com/rDF5FRg4TK — Arkham (@arkham) May 21, 2026 Hyperliquid And Solana Lead All ‘Revenue Chains’ The FDV flip comes as Hyperliquid has also been showing up at the top of crypto revenue rankings. In post on X, Bitwise CEO Hunter Horsley lists Hyperliquid with $790.55 million in total revenue, ahead of Solana at $532.34 million. TRON followed at $471.20 million, while Ethereum was shown at $425.56 million. Related Reading: Bitwise Bullish on Hyperliquid: HYPE Labeled ‘Undervalued’ As It Rallies 20% Horsley framed the comparison less as a zero-sum fight between HYPE and SOL and more as evidence of a broader category emerging inside crypto. “There’s a new class in crypto: the revenue chains,” Horsley wrote. “The leaders are Hyperliquid & Solana. Both do some overlapping things, and some different things. Both have exceptional communities, usage, use cases, etc.” That framing matters because the Hyperliquid-Solana comparison is not purely about market capitalization. It is also about where users, liquidity and trading activity are concentrating. Hyperliquid’s revenue profile has become central to the HYPE thesis, while Solana remains one of the largest high-throughput ecosystems in crypto, with broad activity across trading, DeFi, consumer applications and token issuance. Related Reading: Hyperliquid ETFs Send HYPE Closer To All-Time Highs—Here’s What The Data Shows Horsley argued that both networks are positioned around the same structural tailwind: capital markets moving onchain. “I think that both will rise together, just as iOS and Android both rode the structural adoption of mobile,” he wrote. “In the case of the revenue chains, they are riding the wave of capital markets coming onchain.” Solana Camp Downplays Rivalry Solana co-founder Anatoly Yakovenko also pushed back against the idea that Hyperliquid’s rise should be treated as a threat to Solana’s roadmap. Responding to a post about Hyperliquid, Yakovenko wrote: “I am not worried about someone else succeeding. Whether hype succeeds or not isn’t going to change what I or the rest of the Solana ecosystem will be working on.” Yakovenko once again presented Solana-based Phoenix Trade as a better version of Hyperliquid: “Try Phoenix Trade my HL brother.” Meanwhile, Horsley highlighted the success of both. “If you are rooting for HYPE or SOL or both, success will be less about the competition between the two — healthy ofc — but rather the rise of onchain capital markets,” he wrote. “Root for capital markets coming onchain.” At press time, HYPE traded at $58.354. Featured image created with DALL.E, chart from TradingView.com

Bitwise Chief Investment Officer Matt Hougan issued a strongly bullish view on Hyperliquid and its native token, HYPE, shortly after Bitwise launched a HYPE exchange-traded fund (ETF) last week.  In his comments, Hougan argued that the market is mispricing Hyperliquid’s broader business model—treating it as essentially just another perpetual futures venue. Hyperliquid As A Global Super App Hougan said Hyperliquid appears to be caught in what he described as a “pricing error,” with investors valuing the platform as little more than a perpetual futures exchange.  In contrast, he framed Hyperliquid as a global financial “super app,” one that is moving beyond the boundaries of crypto and expanding into areas such as stocks, commodities, foreign exchange, and prediction markets.  Related Reading: The Bitcoin Meltdown: What’s Behind The Drop To $76,000, And What’s Next As part of his valuation perspective, Hougan estimated the platform’s annual revenue could be in the range of about $800 million to $1 billion, suggesting room for the business to scale well beyond how it’s currently categorized by the market. A key element of Hougan’s case involves Hyperliquid’s fee model. He pointed to a structure in which 99% of trading fees are directed toward HYPE token buybacks, describing it as a mechanism that helps support value rather than simply extracting revenue without a token-linked benefit.  That, he said, aligns incentives in a way that differs from what investors may be assuming when they treat Hyperliquid as a standard trading platform. HYPE Approaches All-Time Highs  Hougan also emphasized that HYPE’s recent performance does not change his view that the token remains undervalued. He noted that HYPE is up by 77% this year, yet he believes the market still hasn’t fully credited Hyperliquid’s long-term trajectory.  In his view, Hyperliquid’s real opportunity is not just to grow as a rapidly expanding crypto perpetual exchange, but to evolve into a broader trading super app spanning stocks, pre-IPO assets, commodities, prediction markets, and crypto assets. Related Reading: Zcash, Bitcoin, And Solana—Catalysts Ahead That Could Fuel Another Upswing Before May Ends The bullish remarks come as interest in HYPE gained another boost from ETF activity. Along with Bitwise’s launch of a Hyperliquid ETF tied to HYPE, 21Shares introduced its own HYPE ETF earlier in the month.  Following those launches, HYPE surged—recording massive gains of nearly 20% in the past week alone. At the time of writing, HYPE was trading just above the key $48 mark, only 18% below all-time high levels of $59 reached last year.  Featured image created with OpenArt, chart from TradingView.com

Wall Street giant Goldman Sachs has made a notable shift in its crypto-related exchange-traded (ETF) fund positions, according to a recent filing submitted to the US Securities and Exchange Commission (SEC).  The update shows the firm exiting XRP- and Solana (SOL)-linked ETF exposure, while also trimming its Ethereum (ETH) ETF holdings. At the same time, the filing shows it opened a new position tied to one of the largest decentralized exchanges (DEXs). Goldman Sachs Exits XRP And Solana ETFs The story starts with Goldman’s XRP ETF exposure going into the end of Q4 2025. At that point, the bank held nearly $154 million worth of XRP-related ETFs from issuers including Bitwise, Franklin Templeton, Grayscale, and 21Shares.  Those holdings made Goldman Sachs one of the largest institutional holders of XRP ETF products at the time. The latest SEC disclosure, however, shows that its XRP ETF positions were removed entirely, reflecting a full exit during the first quarter. Related Reading: Hyperliquid (HYPE) To $100? Expert Forecasts Major Rise Before Summer 2027 A similar change appears with Solana-linked products. Goldman Sachs had previously disclosed that it held exposure across multiple Solana investment products, including the Grayscale Solana Trust ETF, the Bitwise Solana Staking ETF, and the Fidelity Solana Fund.  However, just like XRP, those Solana-related ETF positions also disappeared in Goldman’s Q1 filing. In other words, Goldman fully exited both XRP- and Solana-linked ETF holdings by the first quarter of 2026, with no remaining trace of those positions in the updated portfolio disclosure. Even with these exits, Goldman Sachs did not leave the crypto ETF space entirely. The firm still held roughly $700 million in Bitcoin ETFs. Still, its posture toward Ethereum was more cautious: Goldman cut its Ethereum ETF exposure by about 70%, bringing the total down to approximately $114 million.  New Bet On Hyperliquid What makes the change more interesting is that Goldman Sachs appears to be redeploying at least some of that capital into other parts of the crypto market.  Alongside the ETF reductions and exits, the bank opened a new position tied to Hyperliquid (HYPE). According to the filing, Goldman acquired roughly 654,630 shares of Hyperliquid Strategies (PURR), valued at about $3.3 million.  Related Reading: Zcash (ZEC) Rockets 1,200%—Expert Says ZEC Could Soon Outgrow Cardano (ADA) Beyond Hyperliquid, Goldman Sachs’ trading activity also shows a new wave of exposure across several crypto-linked equities. The bank increased positions in Circle (CRCL), Galaxy (GLXY), and Coinbase (COIN) shares.  At the time of writing, Hyperliquid’s native token, HYPE, was trading at around $45. It has been one of the best-performing tokens over the past month, with gains of 10% in the last two weeks alone.  Featured image created with OpenArt, chart from TradingView.com 

Hyperliquid’s HYPE token retreated roughly 6% on Friday after Bloomberg reported that CME Group and Intercontinental Exchange are pressing US officials to scrutinize the decentralized exchange’s role in offshore oil-linked trading. The move puts one of crypto’s fastest-growing derivatives venues in direct tension with two of the most powerful incumbents in global commodities markets. HYPE traded near $43.81 after reaching an intraday high of $46.93, implying a drop of about 6.7% from the session peak. The token’s 24-hour range ran from $42.75 to $47.00. CME And ICE Take Aim At Hyperliquid’s Oil Market According to the Bloomberg report, Intercontinental Exchange Inc. and CME Group Inc. are urging the US to rein in Hyperliquid, which they described as a fast-growing, unregulated crypto platform that “could skew global oil prices” and be used for “price manipulation.” Related Reading: Hyperliquid (HYPE) To $100? Expert Forecasts Major Rise Before Summer 2027 Bloomberg reported that the exchanges have raised their concerns with the Commodity Futures Trading Commission and Capitol Hill officials. The core issue is Hyperliquid’s anonymous trading environment, which the exchanges argue could create openings for insiders to move prices or for state actors to evade sanctions. That argument lands at a sensitive point for both crypto market structure and commodity-market oversight. Hyperliquid has moved beyond crypto-native perpetuals into products tied to real-world assets, including oil. For legacy exchanges, the concern is not only that a new venue is capturing speculative flow. It is that a round-the-clock, offshore, crypto-native market could begin influencing price discovery in assets that feed directly into global inflation, energy costs and geopolitical risk. Oil Perps Became A Stress Test For 24/7 Markets Hyperliquid’s oil market had already drawn attention earlier this year. In March, an oil-linked perpetual contract tracking West Texas Intermediate crude generated more than $1.2 billion in 24-hour volume on Hyperliquid, briefly becoming the platform’s second-most traded market behind crypto assets. That surge came as traditional oil futures jumped more than 30% to nearly $120 a barrel during escalating Middle East tensions. Related Reading: 21Shares Is Launching A Hyperliquid ETF: Here Is What Investors Need To Know The episode showed why Hyperliquid has become a serious venue for risk-taking. Traditional commodity futures still operate within defined market hours, while crypto derivatives trade continuously. During weekends or geopolitical shocks, that difference can turn a crypto venue into one of the few live markets expressing fast-moving views on oil, gold or other macro-sensitive assets. For crypto traders, that is the product-market fit: always-on access, leverage and immediate reaction to global events. For CME and ICE, it is the risk case. If liquidity, leverage and anonymity concentrate around synthetic oil exposure outside the traditional regulatory perimeter, the line between offshore speculation and real-world commodity price formation becomes harder to police. Featured image created with DALL.E, chart from TradingView.com

The first Hyperliquid (HYPE) ETF debut in the US on Tuesday drew attention quickly after the fund reportedly logged more than $1 million in inflows on day one. However, trading conditions changed fast.  On Wednesday, HYPE’s price fell about 4%, sliding to roughly $38 as the broader crypto market stayed under pressure throughout the week and extended the downturn. Failed Attempts At $45 Despite the near-term weakness, one analyst believes the altcoin still has a clear path to substantially higher levels once the current market cycle improves.  In a Wednesday post on social media site X (formerly Twitter), market analyst McKenna argued that HYPE’s recent movement resembles a local top on the altcoin’s daily chart.  Related Reading: First Hyperliquid ETF Launch: Day One Volume Hits $1.8M–Key Details According to the analysis, HYPE has tried twice to break above the closest resistance level around $45, and failed both times. McKenna pointed to what he described as a “large range” forming between roughly $35 and $50, suggesting the token may remain trapped in that band for a while as traders accumulate again. The broader weakness in the Hyperliquid token could be linked to the continuing bear-market narrative. With Bitcoin (BTC) not showing a convincing breakout from current levels, the bear thesis is still playing out. Two Views On Hyperliquid Looking further ahead, McKenna’s outlook is significantly more optimistic on a fundamentals-based horizon. He said he expects HYPE to eventually push into “three digits” before summer 2027.  If Hyperliquid were to hit $100 in the coming year, that would be an increase of over 163% from current trading levels and almost double HYPE’s current price record from the previous year’s bull run, when the cryptocurrency reached about $59.  Related Reading: Coinbase CEO Unpacks The Crypto Bill’s Biggest Promise For The US Financial System Still, the near-term picture may be even more challenging. Another analyst, Umair Orakzai, warned on X that the chart signals are turning increasingly bearish.  Orakzai said the trendline has “broken,” and that the appearance of large candles indicates the trend is no longer intact—adding that “panic” may be starting to spread. He suggested that the “real panic” could begin if HYPE falls below $38.8. For the moment, Hyperliquid investors should focus on $35 as the next major support level. If that floor gives way, levels not seen since March—around $29—could follow. Featured image created with OpenArt, chart from TradingView.com 

The Hyperliquid Policy Center (HPC) praised Securities and Exchange Commission (SEC) Chair Paul Atkins on Friday for what it described as an ambitious effort to improve clarity for on-chain markets.  SEC’s On-Chain Guidance Agenda Atkins’ remarks centered on four key areas where he said the Commission should provide more guidance on how regulatory principles translate into the context of on-chain activity. He said that participants should have a clear sense of how on-chain trading systems can function within the regulatory perimeter.  Looking ahead, he noted that while the SEC may consider a limited “innovation pathway” soon, he also argued the agency should think about what a future-proof framework could look like.  In his view, that framework would take the form of notice-and-comment rulemaking, and it would specifically address how the SEC’s “exchange” definition applies to on-chain trading systems. Related Reading: Hyperliquid Q1 Report—The ‘House Of All Finance’ Is Nearer Than Ever, Here’s Why The SEC chair also pointed to the need to clarify how the broker and dealer framework would apply to these activities. He said the Commission should examine issues raised in a recent staff statement on software interfaces, and he suggested that this policy initiative could involve notice-and-comment exemptive rulemaking. A third area of emphasis was the definition of a “clearing agency” as it applies to on-chain clearing and settlement. Atkins said rulemaking may be necessary to confirm which general-purpose activities fall outside that definition. Finally, Atkins called for additional clarity surrounding what are commonly referred to as “crypto vaults.” He described crypto vaults as on-chain software applications that allow users to earn yield passively by deploying their assets into yield-generating opportunities on-chain.  He said the Commission should address the relevant Securities Act and Advisers Act touch-points as it considers these policy initiatives. Why Hyperliquid Policy Center Finds It Promising Atkins concluded by saying the SEC will keep moving forward to accommodate markets moving on-chain. At the same time, he reiterated his call for Congress to send the CLARITY Act to President Trump’s desk.  He argued that while the SEC intends to “future-proof” its efforts through notice-and-comment rulemaking, there is “no more powerful” future-proofing mechanism than enshrining well-designed statutory language in law. The Hyperliquid Policy Center, led by Jake Chervinsky, said it was encouraged by Atkins’ approach of mapping on-chain clearing and settlement systems to existing legal frameworks “on their own terms,” rather than forcing them into legacy categories built for legacy architecture.  Related Reading: JPMorgan Says Strategy Could Buy Up To $30B In Bitcoin This Year– TD Cowen Lifts Target To $395 The Hyperliquid Policy Center also called on-chain clearing and settlement “one of the most significant financial infrastructure innovations of our generation,” and it said it views the chairman’s stance as a constructive step toward regulatory alignment as on-chain systems continue to evolve. At the time of writing, the Hyperliquid platform’s native token, HYPE, was trading at $42.98, marking a 2% increase over the last 24 hours. Currently, the Hyperliquid token is trading at almost 27% below its all-time high of $59, which was reached last year.  Featured image created with OpenArt, chart from TradingView.com 

On Thursday, the Hyperliquid Research Collective (HRC) released the first-quarter (Q1) blockchain report on Hyperliquid (HYPE). The report highlights strong progress in several core areas, as well as weaker performance in others.  The document also points to a broader narrative for the platform, arguing that Q1 brought Hyperliquid closer to its “House of All Finance” vision—even as wider market conditions made the quarter tough by historical standards. Hyperliquid Records 70% Outperformance Vs Bitcoin According to the report, Hyperliquid generated $215 million in gross revenue during Q1. That figure was paired with a buyback of 4.9 million HYPE tokens, underscoring the firm’s emphasis on token value support.  Despite the declines seen in some operational metrics, the HYPE token delivered standout results, climbing 444% across the quarter. The report says this allowed HYPE to outperform Bitcoin (BTC) by 70% over the same period. Related Reading: VanEck Forecast: Bitcoin Could Climb To $1,000,000 By 2031, Research Head Says At the same time, not every measure moved higher. The report notes that holder revenue fell 33%, perpetual (perp) volume dropped 15%, and average open interest compressed 23%.  The report attributes these changes to the environment the market was in, describing Q1 as the worst quarter for the market since 2018. In that context, Bitcoin fell 26%, and total crypto market capitalization recorded outflows of more than $900 billion, which the report frames as a major drag on activity and income. The Hyperliquid report also breaks down how the quarter unfolded. Hyperliquid’s quarter low was $1.16 billion in January, marking a 20% decline compared with the end of 2025.  It says that February and March helped stabilize the picture, with March emerging as the strongest month for locked liquidity. Specifically, total value locked (TVL) rose from $1.4 billion to a peak of $1.8 billion, before settling by quarter-end at $1.69 billion. “House Of All Finance’ Gains Traction Activity on the Hyperliquid side remained an important bright spot. The report shows HIP-3 deployer volume grew sharply—from nearly $25 billion in January to $68 billion in March—and finished the quarter at 33% of daily perp volume.  Looking at broader DEX activity, Hyperliquid reported that total HyperEVM DEX volume declined 40% quarter-over-quarter (QoQ), landing at $9.2 billion compared with $15 billion recorded during the fourth quarter of last year. Beyond the numbers, the Q1 Hyperliquid report emphasizes that this quarter felt different in terms of the company’s strategic positioning. HRC says Q1 was the moment when Hyperliquid’s “House of All Finance” thesis became “undeniable.”  Related Reading: Bitcoin At $82K, But Metrics Don’t Smile: Network Activity Down, Spot Demand Negative—What’s Next? The Hyperliquid Research Collective report ties that claim to developments that landed around the same time, including a benchmark update: S&P Dow Jones Indices, through an officially licensed benchmark, signed with Tradexyz, identifying the Hyperliquid HIP-3 deployer dominance as a key part of the ecosystem.  The report also points to institutional and investment momentum, noting that Grayscale, VanEck, and Bitwise submitted filings for HYPE exchange-traded funds (ETFs). The report further highlights expanding institutional support, including the addition of Ripple Prime support to Hyperliquid for institutional clients.  At the time of writing, Hyperliquid’s native token, HYPE, was trading at $42, having recorded losses of 1.7% over the previous 24 hours. Nevertheless, it is one of the best performers of the second quarter so far, having gained 17% over the past thirty days.  Featured image created with OpenArt, chart from TradingView.com 

Bullish sentiment towards Hyperliquid is again on the rise, with crypto whales accumulating the perp DEX token. The first HYPE ETF in the U.S. could launch soon, which is also contributing to this bullish sentiment.  Why Bullish Sentiment Towards Hyperliquid Is On The Rise Crypto whales are again massively accumulating Hyperliquid, which has sparked the bullish sentiment towards the perp DEX token. In an X post, on-chain analytics platform Lookonchain revealed that BitMEX co-founder Arthur Hayes bought 26,022 HYPE, worth $1.1 million again, after nearly 3 months. Related Reading: Here’s Why The Hyperliquid Price Is Exploding Again Hayes is one of many crypto whales Lookonchain has flagged as currently buying HYPE. The platform revealed that a particular whale had deposited 7.86 million USDC into Hyperliquid to buy 200,042 HYPE. Another whale, Cooker, also bought 50,751 HYPE for $1.99 million at an average price of $38.5.  Such massive accumulation among crypto whales typically precedes a price surge for Hyperliquid. It is worth noting that the HYPE price is already up amid this accumulation wave, up over 12% in the last week. The perp DEX token has reclaimed the key $40 level and is now eyeing new local highs.  Interestingly, Hayes has predicted that Hyperliquid could reach $150 by August. He stated that this could happen as the HIP-3 markets continue to generate record fees for the perp DEX. The DEX has seen greater adoption since the U.S.-Iran war began, as traders can trade commodities such as oil on HIP-3.  DeFiLlama data shows that Hyperliquid currently ranks among the crypto protocols generating the most fees. This is bullish for HYPE because a majority of these fees go into buybacks, which could spark significant rallies for the token.  An HYPE ETF Is On The Horizon Bitwise has filed an amended registration statement for its Hyperliquid ETF, with the fund set to trade under the ticker ‘BHYP.’ The asset manager also set a management fee of 0.67% for the fund. Meanwhile, it listed market makers FalconX, Flowdesk, Nonco, and Wintermute as approved trading counterparties.  Related Reading: XRP, HBAR, And Litecoin: Pundit Highlights Coins To Watch In 2026 Bloomberg analyst Eric Balchunas noted that the filing indicates that the fund could launch soon, a development that is also bullish for Hyperliquid. The fund is expected to attract new inflows into the HYPE ecosystem as institutional investors gain exposure to the HYPE token through this ETF.  Grayscale and 21shares have also filed to launch a Hyperliquid ETF, which is also bullish for the HYPE price. Balchunas noted that Bitwise may be looking to launch its HYPE ETF soon, given strong interest in HYPE, which is up 200% over the last year.  At the time of writing, the Hyperliquid price is trading at around $42, up almost 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Medium, chart from Tradingview.com

Michael Nadeau, founder of The DeFi Report, says he remains bullish on Hyperliquid over the long run, but argues the latest move in HYPE looks mistimed. In a post on X, he said the market is leaning too hard into the bullish narrative just as on-chain activity and positioning data begin to soften. Nadeau’s central point is not that Hyperliquid is broken. It is that the recent strength in HYPE may have outrun what the underlying data currently supports. “I’m a fan of both @Globalflows and HYPE, but think he’s early here,” Nadeau wrote. He added that HYPE had “been strong in the bear market (outperforming BTC) because of its token economics + the ‘TradFi/Oil futures’ narrative,” before arguing that “the reality is that Hyperliquid looks like a ‘risk-off’ chain, just like the rest of crypto.” Bullish Hyperliquid Long Term, But Not Now That distinction matters. Hyperliquid presents itself as a high-performance layer-1 built for a fully on-chain financial system, with on-chain order books for perpetuals and spot markets. Bulls have also focused on HYPE’s design: Hyperliquid says trading fees are directed to the community, while its assistance fund converts fees into HYPE and burns those tokens, and stakers can receive trading-fee discounts. In other words, when Nadeau mentions “token economics,” he is referring to the structural features that have made HYPE attractive even in a difficult market. Related Reading: Weiss Crypto Flags 3 Key Risks For Hyperliquid And HYPE He also briefly points to the “TradFi/Oil futures” narrative, which has become one of the more powerful stories around Hyperliquid in recent weeks. The platform’s pitch is that it can extend crypto’s 24/7 market structure into more traditional assets, and oil-linked perpetuals on Hyperliquid saw a burst of attention during the recent geopolitical shock around Iran, when traders used the venue to price crude outside normal exchange hours. That backdrop helped feed the idea that Hyperliquid was becoming a real-time macro trading venue rather than just another crypto chain. Nadeau’s pushback is that the numbers no longer line up neatly with that narrative. “Fees are down 56%. Volumes are down 55%. Open interest is down 44%. Bridged assets are down 32%,” he wrote, adding that there had been “very few inflows over the last 30 days.” These numbers are key. Fees and volume speak to how much actual trading is happening. Open interest tracks how much derivatives exposure is still outstanding. Bridged assets are a rough signal for how much capital is moving onto the network. He sharpened the point further by saying, “The reality is it’s the same 50k users on HYPE that we saw last year.” That is a blunt way of framing the concern: price may be running on narrative expansion while user growth and capital inflows remain comparatively flat. Related Reading: Hyperliquid Looks Like Solana At $20 Last Cycle, Daniel Cheung Says Nadeau then shifts from fundamentals to market structure. He says oil futures volume on Hyperliquid peaked on March 9 and has trended lower since, undercutting one of the main catalysts behind the move. At the same time, he argues HYPE is “locally overbought,” citing an RSI of 67 and says the token is running into resistance at its 50-week moving average, a longer-term technical level many chart watchers treat as an important trend line. His skepticism extends to PURR as well. PURR, now trading on Nasdaq as Hyperliquid Strategies Inc., describes itself as a digital-asset treasury company focused on accumulating HYPE and giving US and institutional investors exposure to the token. Nadeau called buying that vehicle in a “risk-off bear market” a “head-scratcher,” especially because, in his view, there is still little evidence that traditional finance is urgently chasing HYPE exposure. He noted that HYPE is up 93% since January 20, while PURR has gained 87% over the same period. The net result is a measured warning, not a bearish capitulation. Nadeau is still “bullish long term,” but for now he is “fading the recent action.” For traders, that leaves a clear takeaway: the long-term Hyperliquid thesis may still be intact, but in his view the short-term setup no longer offers an especially attractive entry. At press time, HYPE traded at $41.031. Featured image created with DALL.E, chart from TradingView.com

Decentralized exchange (DEX) Hyperliquid (HYPE) is experiencing a notable surge in its key metrics, positioning itself as a preferred trading platform amid rising tensions in Iran.  This increased activity has propelled HYPE to outperform the market’s leading cryptocurrencies, boasting a major 23% gain over the past week. However, market analyst Ali Martinez has indicated that HYPE investors may soon encounter a new buying opportunity.  New Sell Signal For Hyperliquid The analyst highlighted that on March 8, the TD Sequential had signaled a buying opportunity for HYPE, which was subsequently confirmed as the token experienced a price increase of 28.23%, rising from approximately $30 to a high near $38.53. However, as of March 13, the same indicator is now flashing a sell signal, prompting Martinez to caution that increasing selling pressure could lead to a short-term retracement to around $34.  Related Reading: Hyperliquid (HYPE) Under The Lens: These 3 Metrics Point To Severe Undervaluation Currently trading at $36.37, this would represent a decline of approximately 6.5%, in addition to a recent 2.5% pullback observed over the last 24 hours, according to CoinGecko data.  For Martinez, this potential pullback may serve as a strategic buying opportunity before the expected upward momentum resumes. Ambitious Projections For HYPE Adding to the altcoin’s bullish outlook, research firm DCo released a new valuation framework for HYPE. They modeled four scenarios based on the potential market capture of the $1.74 trillion daily Total Addressable Market (TAM) that Hyperliquid could attain through its HIP-3 protocol.  Utilizing a three-year discounted cash flow (DCF) framework, each scenario assumes a gradual capture rate: 20% in Year 1 (2026), 50% in Year 2 (2027), and 100% by Year 3 (2028), reflecting the gradual process of building market share. In a bear case scenario, where Hyperliquid captures just 0.01% of the market, HIP-3 could generate $32 million in annual fees at full ramp-up based on the conversion-adjusted TAM.  When combined with baseline revenue projected at $1.35 billion and considering the terminal value from Year 3 total revenue, the DCF results in an estimated enterprise value of approximately $18 billion, which could result in HYPE reaching a new record of $60 per token.  Under the base case of 0.10% market capture, Year 3 revenue from HIP-3 would climb to roughly $322 million, resulting in a total revenue of about $1.7 billion and an enterprise value nearing $22 billion. This would imply a token price around $72. $190 In Most Optimistic Case  In the bullish scenario, with a 0.50% capture, the Year 3 HIP-3 fees would reach $1.6 billion, contributing to a total revenue of $3.0 billion. This would yield an enterprise value of $38 billion, corresponding to an implied price of about $124, representing a fully diluted valuation of around $124 billion.  The most optimistic case, positioned at a 1.00% capture, projects total Year 3 revenue of $4.6 billion, with an enterprise value of $59 billion and HYPE potentially valued at $190. Related Reading: Bitcoin Historically Surges 54% On Average Post-US Midterm Elections, Binance DCo’s analysis reveals that, even at a default 20% discount and 20x multiple, the current price of $37 is considerably lower than the bear case valuation of $60.  This suggests that the market has not fully appreciated the potential contributions from HIP-3 and is undervaluing the inherent value of Hyperliquid’s crypto exchange business. Featured image from OpenArt, chart from TradingView.com 

Weiss Crypto is making a two-sided case on Hyperliquid’s HYPE token: bullish on the protocol’s fee-driven tokenomics, but clear that investors should not mistake momentum for the absence of risk. In a series of posts over the past days, the research outlet argued that HYPE’s buyback-and-burn structure remains a core strength even as token unlocks, competition and regulation stay firmly on the table. Hyperliquid Faces 3 Key Risks And The Bullish Case The cautionary note was direct. “But there are some HYPE risks investors should take into consideration,” Weiss Crypto wrote on Wednesday, before naming three areas to watch. The first is supply expansion from contributor unlocks. “April will see the release of 9.92 million HYPE tokens, relatively modest compared with the platform’s trading activity.” Even framed as modest, the point was clear: fresh supply still matters, especially for a token whose bullish narrative depends heavily on shrinking circulation. Weiss also pointed to market structure risk. “Right now, Hyperliquid has the clear first-mover advantage. But that doesn’t mean a powerful disruptor can’t emerge.” That gets at a familiar tension in crypto trading infrastructure. Early dominance can look durable, particularly when liquidity, activity and attention reinforce each other, but it can also invite direct attacks from better-capitalized or more aggressive rivals. Related Reading: Arthur Hayes Predicts Hyperliquid’s HYPE Is Headed To $150 By August 2026 The third risk is regulatory. “US residents will likely stay geoblocked on the official front-end — and sector growth subdued — until regulation clears.” In other words, Weiss sees the addressable market as constrained for now, not because the product lacks traction, but because access and broader sector expansion remain tied to unresolved policy conditions. That warning landed alongside a much more constructive argument about HYPE itself. In a separate post built around an infographic, Weiss called the token design “Tokenomics done right.” The graphic described what it labeled “The powerful feedback loop,” a flywheel in which rising platform activity leads to more trading, more protocol fees, more token buybacks, and less circulating supply. The centerpiece of that thesis is fee deployment. According to the infographic, “97% of trading fees used to buy HYPE tokens.” From Weiss’s framing, that mechanism is what turns platform usage into direct token support. As activity grows, “buyback accelerates,” “circulating supply declines,” and the token’s “appreciation potential” increases alongside the possibility of drawing in still more activity.Weiss also highlighted the scale of the mechanism with a headline figure: “During 2025 alone, the protocol burned roughly $1 billion worth of HYPE tokens.” That number sits at the center of the bullish case. Related Reading: Hyperliquid Looks Like Solana At $20 Last Cycle, Daniel Cheung Says Another Weiss post tried to show that demand in action during a market stress event. “On Sunday, as tensions escalated in the Middle East, Hyperliquid hit a major milestone. It processed $1B+ in oil-related trading volume. Why? Because traditional oil markets were closed for the weekend. Decentralized markets never sleep.” Weiss paired that post with Bitwise CIO Matt Hougan’s earlier observation that when President Donald Trump announced an attack on Iran at 2:30 am Sunday, US, European and Asian markets were closed, while “HYPE was open.” Taken together, the message from Weiss is not complicated, but it is nuanced. The outlet sees Hyperliquid as a live example of crypto infrastructure capturing flows when legacy markets are unavailable, and it views HYPE’s fee-and-burn design as unusually strong. At the same time, it is signaling that even a token backed by an active buyback loop is still exposed to unlock calendars, rival platforms and the slower-moving reality of US regulation. At press time, HYPE traded at $37.87. Featured image created with DALL.E, chart from TradingView.com

Hyperliquid (HYPE) has experienced a major 21% price increase over the past week, sharply contrasting with many of the largest cryptocurrencies, which have been trading in negative territory. Despite this positive momentum, a new report suggests that HYPE may still be undervalued compared to its potential. Hyperliquid Reaches Record-Breaking Levels According to a Thursday post from Hyperliquid Daily on the social media platform X (previously Twitter), several factors underscore why HYPE remains undervalued at its current price.  First, the trading volume for Hyperliquid has reached unprecedented levels. The asset’s 24-hour perpetual volume stands at $6.48 billion, with open interest recorded at $6.41 billion.  Related Reading: Ripple Launches $750 Million Share Buyback, Boosting Valuation To $50 Billion Notably, trading in crude oil perpetuals has surged from approximately $21 million to $1.39 billion daily since tensions between Iran and Israel began, making it the second most traded asset, surpassing even Ethereum (ETH). Additionally, the cumulative protocol revenue has crossed the $1.039 billion mark, with an annualized run-rate of around $664 million based on a 30-day revenue of $54.4 million. 99% of all fees are directed towards buybacks and burns of HYPE through the Assistance Fund.  The report claimed that with this data recorded over the past month, Hyperliquid is evolving from its role as a leading on-chain derivatives platform to a more expansive decentralized finance (DeFi) Layer-1 (L1) solution.  Hyperliquid has also seen recent trading in real-world assets (RWA) reach new heights. Over the past two weeks, RWA trading has consistently broken records, exceeding $1.3 billion in open interest and achieving over $1.4 billion in weekend volume. The Hyperliquid team wrote on X: When traditional markets are closed, Hyperliquid is the premier venue for 24/7 price discovery on oil, metals, indices, and other essential assets. This is an important step towards housing all of finance. HYPE’s Technical Outlook On the technical side, market analyst TraderJB has commented on HYPE’s performance, noting that its price action is cleaner and more favorable compared to approximately 95% of other cryptocurrencies like Bitcoin (BTC), which have exhibited a more erratic behavior after failing to surpass its nearest resistance wall at $74,000.  Related Reading: Bitcoin Enters ‘Most Frustrating Phase,’ CryptoQuant Says: A Look At What’s To Come Looking ahead, TraderJB predicts that the current price movement from $25 to its present trading level of $36.90 resembles an inverted zigzag formation nearing its supply limit.  For Hyperliquid’s native token to maintain the upward momentum witnessed since the end of last month, the analyst said it will need to produce additional upward waves while ensuring that the price does not fall below $20.80, as this could suggest a reversal in trend. Featured image from OpenArt, chart from TradingView.com

Hyperliquid oil-linked perps cleared over $1 billion as crude spikes toward $100 dollars amid Middle East turmoil. Hyperliquid: “The Place To Be” As we reported this past Monday, Hyperliquid continues to cement its reputation as “the room where it happens” for a new class of traders that are turning into Hyperliquid’s tokenized oil perpetuals, as well to metals and other “essential assets”. In a post on the social network X this Thursday morning, Hyperliquid’s official account announced that the trading of Real World Assets (RWA) on the platform continues to break records, as it’s now “surpassing $1.3B in open interest and $1.4B in weekend volume”. As stated on Monday, this times of extreme geopolitical chaos seem to finally have outgrown TradFi, as traders search for alternatives to act as fast as their unrest demands: Hyperliquid is always available, even while legacy futures markets close for the weekend. Over the past 2 weeks, RWA trading on Hyperliquid has repeatedly broken records, surpassing $1.3B in open interest and $1.4B in weekend volume. When traditional markets are closed, Hyperliquid is the premier venue for 24/7 price discovery on oil, metals, indices, and other… — Hyperliquid (@HyperliquidX) March 12, 2026 The structural advantages of a DEX like Hyperliquid are unmatchable when rapidly changing circumstances prompt equally volatile feelings: 24/7 access, permissionless HIP‑3 listings, and the ability to size into oil, gold, and equity index perps without going through a broker. Related Reading: Bitcoin Price Holds Near $70K As Markets Brace For Key Event The Rise Of HYPE Hyperliquid’s native token, $HYPE, has been rallying alongside the oil: HYPE saw a surge of over 8% over the past 24 hours, reaching $37 dollars, a big improvement from previously sinking nearly below 50% of its past September high. This surge aligns with BitMEX co-founder Arthur Hayes predictions. On March 9, Hayes shared an essay on his Substack arguing why he believes that $HYPE is going to $150 by August 2026. The piece, titled “$HYPE Man”, frames Hyperliquid as the standout exchange‑token play for a volatile 2026 because it monetizes trading activity regardless of market direction. Hyperliquid is one of the largest fee‑generating protocols in crypto, and Hayes argues that roughly most of those fees are routed back to HYPE through buybacks and burns, turning the token into a direct bet on on-chain derivatives revenue. Related Reading: Bitcoin Price Holds Near $70K As Markets Brace For Key Event Hayes believes that, assuming revenue climbs back toward peak levels and the market is willing to rerate Hyperliquid to a higher earnings multiple that still sits below some listed TradFi exchanges, $HYPE could go around the $150 by mid‑2026. In his view, growth in macro‑linked products like oil and gold, listed through HIP‑3, are central to this upside, since more war‑driven oil flow on Hyperliquid means more protocol fees and a stronger buyback engine for HYPE. My essay on why $HYPE is going to $150 by August 2026. https://t.co/M1la2HpdzT — Arthur Hayes (@CryptoHayes) March 9, 2026 The Iran war, tanker incidents, and supply fears are reviving the classic “oil shock” playbook just as DeFi venues like Hyperliquid make commodity risk tradable via tokens. If conflict and energy shocks persist, tokenised oil on Hyperliquid could increasingly shape sentiment and pricing across both DeFi and TradFi. HYPE'S price trends to the upside on the daily chart. Source: HYPEUSDT on Tradingview Cover image from Perplexity, HYPEUSDT chart from Tradingview

Daniel Cheung, co-founder of Syncracy Capital, says Hyperliquid’s native token HYPE is beginning to resemble Solana’s setup before its last major run, arguing that the protocol has become the clearest center of real trading activity in crypto. In a series of posts on X over the past month, Cheung laid out an increasingly aggressive thesis: Hyperliquid is not just outperforming within crypto, but could emerge as a broader financial trading platform with appeal beyond the sector. Cheung’s most direct comparison came this week. “HYPE at $35 feels similar to SOL at $20 before its last cycle rally,” he wrote, framing Hyperliquid as an early-stage winner before a broader market expansion. He tied that view to what he sees as the protocol’s current market position: “Hyperliquid is currently the main chain where trading activity is happening and the only chain bringing new users into crypto right now given its offering around 24/7 markets.” Related Reading: Arthur Hayes Predicts Hyperliquid’s HYPE Is Headed To $150 By August 2026 What Cheung appears to be invoking is Solana’s move from a battered late-2022 asset into one of the cycle’s biggest winners. After trading around $8 at the end of 2022 and still hovering near $23 in September 2023, SOL eventually climbed to a fresh all-time high of $295.83 in mid-January 2025. From a $20 reference point, that would imply a rally of roughly 1,379%. That argument is notable because it does not rest primarily on meme-driven activity, which has often powered attention cycles elsewhere. Cheung said Hyperliquid is “gaining significantly more media attention and respect” because its use cases are “centered around much more than dogshit memes.” In his telling, that gives the project a stronger foundation if speculative conditions improve again. Across several posts, Cheung repeatedly described Hyperliquid less as a single-app crypto trade and more as a category-defining trading venue. On Feb. 28, he wrote, “Becoming more clear by the day that Hyperliquid is the financial trading platform of the future and that generational wealth will be made longing this coin. Think this has a chance to flip Robinhood, Interactive Brokers etc… Hyperliquid is out innovating peers.” Related Reading: Apollo Crypto Explains Why Hyperliquid Is Its Top Altcoin Holding That is a large claim, and Cheung presented it as a product and market-structure thesis rather than a short-term price call alone. His view appears to hinge on two linked assumptions: first, that perpetual futures become a much larger category than the market currently prices in, and second, that Hyperliquid captures a disproportionate share of that expansion because it is already where users are trading. He made that point more explicitly on Feb. 12, when he said investors were missing “two things” in the current market. The first was that “HYPE is the most exciting startup not in AI and will eventually flip COIN and HOOD.” The second was that “the perps category will be bigger than anyone expects,” adding that another asset, LIT, looked deeply undervalued relative to HYPE on a fee basis. Cheung’s posts also make clear that timing matters. On March 9, he said “HYPE to $120+” would be “pretty easy once the crypto bull market comes back,” before adding: “We are close.” That suggests his target is not based on Hyperliquid operating in isolation, but on the idea that a renewed bull phase would amplify an already strong relative position. Notably, BitMEX founder Arthur Hayes recently argued that HYPE could reach $150 until August this year. At press time, HYPE traded at $36.16. Featured image created with DALL.E, chart from TradingView.com

Arthur Hayes is making a high-conviction bet on Hyperliquid, arguing in a new essay that HYPE could climb to $150 by August 2026 even if the broader crypto backdrop stays weak. His case rests on a familiar exchange-token playbook, but updated for a market where decentralized perps, not centralized venues, are increasingly capturing the most valuable trading flow. Why Hayes Thinks Hyperliquid Can Reach $150 Hayes frames Hyperliquid as the standout asset in a sluggish or sideways market because exchanges can keep generating fees regardless of whether prices are rising. In his telling, that matters even more for Hyperliquid because 97% of protocol revenue is used to buy back HYPE from the market. “Hyperliquid, the dominant perp DEX, is the largest revenue-generating project that isn’t a stablecoin,” he wrote. “No other project in all of crypto hands as much money back to token holders as Hyperliquid.” His target implies roughly a 5x move from about $30 at the time of writing. To get there, Hayes says Hyperliquid would need to lift 30-day annualized revenue to $1.4 billion, a level he says the platform previously reached in August last year. His model also assumes the market will rerate the token from around 12 times earnings to roughly 25.2 times, still below or near the range he cites for major traditional exchange names. Related Reading: Apollo Crypto Explains Why Hyperliquid Is Its Top Altcoin Holding A large part of the thesis is that Hyperliquid does not need an overall expansion in crypto derivatives activity to grow. It only needs to keep taking share from centralized exchanges. Hayes argues that a 3.97 percentage-point increase in market share would be enough for Hyperliquid to return to that $1.4 billion annualized revenue run rate. The engine for that next leg, in his view, is HIP-3, Hyperliquid’s permissionless perpetuals listing framework. Users who stake 500,000 HYPE can launch markets using the platform’s matching and margin engine, and Hayes points to early traction in silver, gold, the Nasdaq 100 and the S&P 500. “In only four months, HIP-3 volumes account for close to 10% of total Hyperliquid revenues,” he wrote. “Permissionless listings were always the holy grail of DEXs, and the rapid growth in trading volumes proves this is how Hyperliquid will differentiate itself from the pack.” That is why his model assumes HIP-3 revenue rises 160% over six months. He also flags HIP-4, which he says should enable permissionless prediction markets, as a possible upside kicker not included in the base case. Competition is the main objection Hayes tries to neutralize. He argues that headline volumes across perp DEXs can be distorted by wash trading, points farming and other incentives, making raw volume a poor measure of real usage. Related Reading: Next “Binance Killer”? Hyperliquid Now Dominates DeFi Derivatives, New Report Shows His preferred metric is ADV-to-OI, or average daily volume relative to open interest, because open interest requires real capital to be posted. On that basis, he says Hyperliquid has the most “real” volume among the top five perp DEXs. He also says order-book snapshots for Bitcoin perps showed Hyperliquid was usually the cheapest place to execute size once slippage was included. Hayes also spend time on token supply overhang, another issue that had made him tactically bearish late last year. He notes that the team distributed close to 20% of awarded tokens in November and December, but only about 1% in January and February. “With that out of the way, the team drastically reduced distributions in order to help HYPE rebound,” he wrote, while acknowledging that this part is speculative. Even his stress case stays constructive. Hayes says that if the market only pays a 12x earnings multiple and the team receives 9.91 million HYPE per month, but revenue still recovers to $1.4 billion annualized, the token would still be worth about $58, or roughly 75% above current levels. At press time, HYPE traded at $33.237. Featured image created with DALL.E, chart from TradingView.com

Oil-linked trading on the decentralized exchange Hyperliquid (HYPE) has recently surpassed $1 billion in volume within a 24-hour period, leading to a significant 10% rally in the platform’s native token, HYPE, allowing it to outperform the top 100 cryptocurrencies by market capitalization.  In fact, oil-linked trading on Hyperliquid hit over $1.2 billion, making it the second-most traded market on the platform, just behind Bitcoin (BTC). Hyperliquid’s Oil Contract Trading Soars The driving force behind the recent HYPE performance has been the CL-USDC perpetual contract, which tracks West Texas Intermediate crude oil prices. This contract’s trading volume recently eclipsed Ethereum (ETH) trading on the platform.  Related Reading: Bitcoin At The Bottom? The 23-Month Cycle That Has Never Failed The increase in activity coincides with a dramatic rise in oil futures, which jumped over 30% to nearly $120 a barrel on traditional exchanges. This spike followed escalating tensions in the Middle East that have disrupted global supply chains. Before these developments, daily volumes for the CL-USDC contract hovered around $21 million. However, following the recent geopolitical events, that figure skyrocketed to more than $1.2 billion as of Monday. Additionally, open interest in this contract surged to $183 million. $150 Price Target For HYPE Further fueling the excitement surrounding the HYPE rally is a bullish outlook from Arthur Hayes, co-founder of cryptocurrency platform BitMEX.  In a recent essay, Hayes set a price target of $150 for HYPE by August 2026, asserting that Hyperliquid can continue to expand its revenue streams even if broader cryptocurrency markets experience difficulties. Related Reading: Dogecoin Remains Inside Falling Channel, Bulls Target Surge Above $0.1 While HYPE has been on the rise, with the token retesting the $35 resistance wall, major cryptocurrencies like Bitcoin and Ethereum have shown modest recoveries during the same period. Bitcoin gained approximately 2.5%, while Ethereum saw a slightly higher increase of 3.4%. Analyzing HYPE’s daily trading chart reveals critical support levels that investors should watch. Key support zones are anticipated around $32, $29, and $28, with the latter acting as a significant accumulation point over the past two weeks. Featured image from OpenArt, chart from TradingView.com 

Apollo Crypto has made Hyperliquid its largest altcoin position, with head of research Pratik Kala arguing that the protocol stands apart not only because of its product-market fit, but because its token design and expanding market structure give traders something few crypto venues currently offer: usable, revenue-linked infrastructure. In comments shared via X, Kala described Hyperliquid in unusually direct terms. “Hyperliquid is our biggest altcoin position in the fund. Why? Because it is phenomenal. The product works,” he said. For Apollo, the case appears to rest on two pillars: the exchange’s traction as a trading venue, and a token model Kala framed as cleaner and more transparent than much of the industry’s recent experimentation. He contrasted Hyperliquid’s buyback structure with the more convoluted token systems that defined earlier market cycles. “The tokenomics is refreshing. It uses 97 to 99%, depending on how you want to calculate it, of all the revenues to buy back its token in a very transparent manner. No governance mumbo-jumbo. No, you know, a token feeding into some other token and some dynamic inflation, burning, minting stuff that has destroyed many people’s capital and brains, to be frank, over the last few years.” Related Reading: Next “Binance Killer”? Hyperliquid Now Dominates DeFi Derivatives, New Report Shows That framing is central to Apollo’s thesis. Kala’s argument is not simply that Hyperliquid has momentum, but that it has paired a working product with a token accrual model that traders can actually follow. In a sector where valuation stories often hinge on future governance or vague utility, he presented Hyperliquid as comparatively straightforward: trading activity generates revenue, and that revenue feeds token buybacks. He also pointed to adoption trends. According to Kala, “a lot of the volumes are going there,” while market makers and funds are increasingly using the platform. He argued that Hyperliquid has been superior “in many, many ways,” particularly in how it handles new listings, pre-markets and other product extensions. A major part of the bullish case, though, is HIP-3, which Kala said is already opening up tradable opportunities outside the usual crypto schedule. He described a weekend trade tied to news that OpenAI had secured a contract after Anthropic would not allow its AI technology to be used by the Department of Defense. Because the development broke while traditional markets were closed, Kala said most market participants were effectively stuck on the sidelines. “Personally, I made 50%. How? Because HIP3, OpenAI, Anthropic were both trading on HIP3,” he said. “Liquidity is not fantastic, but OpenAI went up 50% on the weekend. Anthropic was static, could have expected that you could have taken a spread trade where you can short Anthropic and long open AI. Do it on HIP3, you can make money, you can generate alpha.” That example gets to the broader point Apollo is making. HIP-3 is not being pitched merely as another product vertical, but as a venue where traders can express event-driven views in assets that are normally inaccessible when news breaks. Kala said the market now includes private-market trading as well as listed equities and commodities such as oil, gold and silver on weekends. Related Reading: Hyperliquid (HYPE) Eyes Native Token Issuance With Latest Upgrade Plan He offered one data point to show early traction: during a recent silver mania, HIP-3 briefly accounted for 1% to 2% of global silver volumes, despite having launched only around a month to six weeks earlier. For Kala, that signals not retail novelty but serious engagement from hedge funds, sophisticated investors and active portfolio managers looking for round-the-clock execution. He added that HIP-3 revenues are split 50-50 between deployed markets and Hyperliquid, with Hyperliquid’s share feeding back into HYPE buybacks. From Apollo’s perspective, that strengthens the flywheel rather than diluting it. Kala also flagged what could come next. He said HIP-4, focused on prediction markets and options, could push the platform further, while regulatory shifts in the US may eventually open a path for a KYC-compliant version there. Competition exists, he acknowledged, including from rival platforms such as Lighter. But in Apollo’s view, Hyperliquid has already done something harder than launching a new venue: it has captured trader attention, liquidity and, increasingly, loyalty. At press time, HYPE traded at $30.485. Featured image created with DALL.E, chart from TradingView.com

The newly appointed Chair of the Commodity Futures Trading Commission (CFTC), Mike Selig, has signaled that the United States is close to introducing a regulatory framework that would allow crypto perpetual futures to trade onshore.  The move, if finalized in the coming weeks as suggested, could reshape the digital asset derivatives market and potentially create a significant opportunity for Hyperliquid (HYPE), one of the fastest-growing platforms in the perpetuals segment. CFTC’s Plan To Bring Crypto Perps Back To The US Speaking Tuesday at the Milken Institute’s Future of Finance conference, Selig said the CFTC plans to establish rules for crypto perpetual futures contracts — instruments that allow traders to maintain leveraged exposure to digital assets indefinitely, without expiration dates.  Related Reading: Bitcoin Prints Fifth Straight Red Month; Previous Streak Was Followed By 300% Surge While these products have existed for years, they have largely operated on offshore exchanges in jurisdictions such as Asia, Europe and the Bahamas. According to Selig, the United States needs to “recapture” liquidity that migrated overseas under prior regulatory conditions. Selig framed the initiative as part of a broader modernization effort, describing “Project Crypto” as a historic interagency undertaking designed to update and future-proof financial regulations for emerging technologies.  “We’re working towards getting perpetual futures, true perpetual futures, not long-dated contracts, here in the U.S. within the next month or so,” Selig stated.  In addition to perpetual futures, Selig said regulators are examining how to accommodate decentralized finance (DeFi) protocols and blockchain-based systems within existing rules.  Hyperliquid Policy Center Backs Selig’s Push The potential approval of US-based crypto perpetual futures has drawn attention from Hyperliquid, a decentralized exchange (DEX) that has rapidly gained prominence in the global perps market.  Just two weeks ago, the Hyperliquid Policy Center (HPC) was established with a grant of 1 million HYPE tokens. The center’s mandate includes working directly with lawmakers and regulators to help shape clear rules for perpetual derivatives in decentralized markets. Following Selig’s remarks, the newly formed policy group publicly welcomed the regulatory direction. The HPC said it supports the Chair’s forward-looking stance and expressed readiness to assist in ensuring that decentralized perpetual derivatives markets can develop within the United States. Related Reading: BNB Chain Rolls Out Production-Ready AI Agent Tools With Live On-Chain Capabilities As previously reported by Bitcoinist, one of the center’s main objectives is to secure a defined legal structure for perpetual derivatives. Jake Chervinsky, who leads the Hyperliquid Policy Center, has argued that perpetual contracts offer practical advantages compared to traditional futures and options.  In his view, perps are simpler in design and provide more direct exposure to underlying crypto assets. However, without regulatory clarity, they have struggled to gain traction within the US market. Activity across perpetual platforms has surged since late 2025, with total monthly volume reaching $829 billion. Analysts expect that figure could climb further if US regulators approve domestic crypto perpetual futures trading under the CFTC’s new leadership. At the time of writing, Hyperliquid’s native token, HYPE, was trading at $31.77, having recorded losses of 2.4% over the previous 24 hours. Nevertheless, the token is one of the few to show gains over longer time frames, with year-to-date growth of 74%, according to CoinGecko data.   Featured image from OpenArt, chart from TradingView.com 

Hyperliquid (HYPE), one of the largest decentralized exchanges (DEXs) in the crypto sector, is preparing a significant upgrade that could reshape how new projects launch tokens on its platform.  The proposal, known as HIP-6, introduces a framework designed to enable permissionless, on-chain token launches without relying on the off‑chain capital-raising methods that many teams currently use. New Hyperliquid Proposal  Details of the proposal were shared on social media by James Evans of Reciprocal Ventures. According to Evans, HIP-6 establishes a permissionless token launch auction for new HIP-1 assets, specifically tailored for teams seeking to issue tokens directly on Hyperliquid.  The system adapts Uniswap’s continuous clearing auction model to function within Hyperliquid’s central limit order book (CLOB) environment, allowing token launches to occur natively within the exchange’s infrastructure. Related Reading: Jane Street Faces New Lawsuit: Trump Media Calls For Federal Investigation At present, while HIP-1 and HIP-2 already allow permissionless token deployment and automated liquidity provisioning, gaps remain in capital formation and price discovery.  Teams launching tokens on Hyperliquid often need to secure funding off chain, manually provide their own liquidity to seed HIP-2 pools, or release tokens into relatively thin order books.  These limitations have meant that, despite its technical strengths, Hyperliquid has not yet reached feature parity with other high-performance ecosystems and exchanges when it comes to initial token offerings.  HIP-6 is designed to close that gap, though participation will remain optional for projects. By integrating capital raising and liquidity seeding into a single on-chain flow, the proposal aims to simplify the process for founders.  Funds raised during the auction would be split automatically between the token deployer and liquidity provision through HIP-2, reducing operational friction and reliance on external arrangements. Auction Structure And Ecosystem Growth A core component of the proposal is its approach to price discovery. Instead of a one‑time auction vulnerable to timing strategies, HIP-6 uses a continuous clearing auction that unfolds over multiple blocks.  This structure is intended to determine a fair market price while minimizing the “sniping” and last‑minute bidding behavior often seen in traditional token launches. The upgrade also seeks to strengthen the broader ecosystem around Hyperliquid. By creating utility for aligned quote assets, HIP-6 could contribute to higher total value locked (TVL) in those assets and generate yield for the platform’s Assistance Fund.  Related Reading: Circle Tops Q4 Revenue Forecasts, Shares Surge 30% — Key Numbers Inside While HIP-6 addresses how new tokens raise funds and establish initial liquidity, it does not dictate how those tokens create long-term value or how their governance systems operate.  Mechanisms such as revenue sharing, buybacks, staking rewards, treasury oversight, or voting rights would remain up to individual projects.  Similarly, tokenholder protections—such as treasury lockups, on-chain transparency requirements, or vesting schedules affecting both buyers and team allocations—would need to be built on top of the HIP-6 framework. The proposal’s stated objective is to make the initial auction process as efficient and equitable as possible, leaving post-launch design choices to the creativity of the Hyperliquid community. At the time of writing, HYPE, the platform’s native token, was trading at $27.430, representing a 3% drop over the previous 24 hours.  Featured image from OpenArt, chart from TradingView.com 

HYPE, the price ticker often used for the Hyperliquid ecosystem token (HYPE), has been under pressure in recent sessions as broader market weakness intersects with profit-taking and technical sell signals. Related Reading: Bitcoin Giant Awakens: 2,043 BTC Moved After 7-Year Slumber While on-chain activity and exchange metrics point to growing market share for the Hyperliquid decentralized exchange (DEX), the token’s price has dipped toward critical support levels, prompting questions about whether $25 can hold as a floor. HYPE's price moving sideways following an uptick on the daily chart. Source: HYPEUSD on Tradingview HYPE Price Weakness Meets Broader Market Trends As of the latest data, Hyperliquid (HYPE) is trading around $28.6, down from recent highs and roughly 51% below its all-time peak recorded in September 2025. The 24-hour trading volume remains elevated at over $285 million, suggesting active participation even amid the decline. In the short term, technical indicators have shown bearish momentum, with resistance forming above current levels and support zones near $24–$26, making this range a focus for traders gauging near-term risk. Investors have pointed to leverage flushes and large position liquidations as catalysts for downward pressure in recent sessions. Earlier reports flagged concentrated selling from leveraged casts that sent ripples through perp markets, contributing to price swings across derivatives tokens, including HYPE. DEX Growth and Exchange Share Gains Despite price softness, fundamental usage metrics for the Hyperliquid protocol tell a different story. Across 2025, Hyperliquid’s notional trading volume reached approximately $2.6 trillion, nearly double the $1.4 trillion processed by Coinbase, one of the largest centralized exchanges, according to analytics firm Artemis. The significant growth in the trading volume suggests that traders are increasingly allocating activity to on-chain venues, particularly those offering decentralized perpetual futures. Further supporting this trend, Hyperliquid’s permissionless perpetual markets (HIP-3) recorded a $5.2 billion daily trading volume, driven in large part by precious metal contracts such as silver. What’s Next for Hyperliquid’s Support Levels? The juxtaposition of strong underlying volume and a weakening token price underscores the complexity of the current selloff. If selling pressure persists, the $25–$26 zone will be critical to watch; a breach could expose lower support near $22. Conversely, stabilization above this range could shift sentiment toward accumulation, especially if broader market conditions improve. Related Reading: BlockTower’s Ari Paul: Bitcoin May Never Hit Another All-Time High In a market where exchange usage and on-chain activity are becoming as important as price alone, HYPEUSD’s ability to consolidate at key levels may prove decisive for its next directional.  Cover image from ChatGPT, HYPEUSD chart on Tradingview

A volatile trading session on February 5 offered a clear example of how quickly narratives can diverge in the crypto market. While most large-cap assets moved lower amid regulatory uncertainty and heavy liquidations, Hyperliquid’s HYPE has posted a 6.2% gain following news of its integration with Ripple’s ecosystem. Related Reading: Bitcoin Crash To $72,000 Signals Major Reset: On-Chain Metrics Deteriorate At the same time, XRP extended its decline by 10%, weighed down by broader market pressure rather than project-specific developments. The contrast underlined how selective optimism can emerge even during a broad sell-off, especially when tied to infrastructure upgrades or ecosystem expansion. HYPE's price trends to the downside on the daily chart after recording some gains. Source: HYPEUSD on Tradingview HYPE Rallies After Ripple Integration Hyperliquid’s price moved higher, up 4.23%, after confirmation that the platform had integrated Ripple’s technology stack, a step aimed at improving interoperability and settlement efficiency. Market participants appeared to interpret the move as a practical enhancement rather than a speculative announcement, helping HYPE outperform a largely bearish market. The rally came despite worsening sentiment across the sector. Bitcoin traded near $71,000 after a sharp pullback, and total crypto market capitalization fell more than 6% on the day. Against that backdrop, HYPE’s gains stood out as traders rotated into assets linked to near-term network developments rather than macro-driven trades. While trading volumes in HYPE increased following the announcement, the move remained relatively contained, suggesting measured positioning rather than a surge of speculative leverage. XRP Slips as Market Weakness Dominates XRP, by contrast, declined alongside other major altcoins. The token fell close to 11% over 24 hours, tracking losses in Ethereum, Solana, and BNB as risk appetite faded. The drop occurred even as Ripple-related developments supported other parts of the ecosystem, underscoring how broader market conditions continue to outweigh individual catalysts for large-cap tokens. The sell-off was amplified by derivatives activity. Falling open interest and a rise in forced liquidations across centralized exchanges added to downside momentum, particularly for assets with high leverage exposure. XRP’s move appeared more sentiment-driven than fundamental, reflecting the day’s defensive tone. Broader Market Context Remains Fragile The divergence between HYPE and XRP played out as investors reacted to stalled discussions around a US crypto market structure bill and ongoing debates over stablecoin regulation. These issues contributed to a spike in volatility and more than $800 million in liquidations, mostly from long positions. Meanwhile, institutional positioning continued to shift. Grayscale’s recent decision to remove Cardano from its CoinDesk Crypto 5 ETF in favor of BNB reinforced the focus on liquidity and market depth, a theme that continues to shape capital flows. Related Reading: Are We Near A Bitcoin Bear Market Bottom? History Offers A Framework Hyperliquid’s rally indicates that targeted integrations continue to attract interest, despite weakness in the wider crypto market. Its durability, however, will depend on genuine adoption rather than sentiment alone. Cover image from ChatGPT, HYPEUSD chart on Tradingview

Ripple has announced new support for Hyperliquid, one of the fastest‑growing decentralized exchanges (DEXs) in the crypto sector, a move that has added momentum to the platform’s native token, HYPE, even as the broader market remains under pressure. Ripple Expands Prime Brokerage Platform With Hyperliquid In a press release issued on Wednesday, Ripple confirmed that Ripple Prime, its institutional prime brokerage platform, has integrated support for Hyperliquid. Related Reading: Bitwise CIO Warns Market Is Facing A ‘Full-Bore’ Crypto Winter, Not A Pullback According to Ripple, the integration allows institutional clients to tap into on‑chain derivatives liquidity on Hyperliquid while cross‑margining their decentralized finance (DeFi) positions alongside other assets already supported by Ripple Prime.  These include digital assets, foreign exchange, fixed income products, over‑the‑counter swaps, and cleared derivatives. The structure is designed to give professional traders greater capital efficiency while operating across both decentralized and traditional markets. Michael Higgins, International CEO of Ripple Prime, said the move reflects the company’s broader strategy of bridging DeFi and traditional financial infrastructure. He noted that Ripple Prime aims to offer direct support for trading, yield generation, and an expanding range of digital assets.  Higgins added that extending the prime brokerage platform into decentralized finance is intended to improve client access to liquidity while delivering the efficiency and innovation institutional customers increasingly expect. HYPE Surges As XRP Slides The announcement comes at a time when market performance has sharply diverged between the largest cryptocurrencies and Hyperliquid’s ecosystem.  Ripple’s associated cryptocurrency, XRP, has fallen roughly 20% over the past week, broadly tracking the downturn across the wider crypto market. In contrast, Hyperliquid has surged by about 64% over the past two weeks, standing out as one of the strongest performers during a period of overall market weakness. That rally has pushed HYPE toward what traders see as a critical technical zone. At the time of writing, the token is trading just above $34, with the $35 level emerging as an important short‑term support area.  Related Reading: Bitcoin Price Crashes Below $73,000, Hitting Lowest Level Since 2024 Over the past week, Hyperliquid has struggled to hold above that threshold on a sustained basis, despite briefly breaking through it on Tuesday. During that move, the token climbed as high as $38, marking its highest price since November of last year. On the downside, Hyperliquid’s price action suggests that buyers have established a solid base around the $30 level. Daily chart data shows this area acting as a key support floor, repeatedly halting declines and helping to preserve the recent recovery in the weekly time frame.  Featured image from OpenArt, chart from TradingView.com