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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

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 

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 

Hyperliquid, the decentralized exchange (DEX) behind the HYPE token, surprised the market on Monday with a new product initiative that ran counter to the prevailing bearish sentiment across the crypto sector.  As several major cryptocurrencies slipped below important technical levels, Hyperliquid’s native token jumped roughly 14% following the announcement, signaling renewed investor interest despite broader market weakness. Hyperliquid’s HIP‑4 Proposal The rally was triggered after the Hyperliquid team revealed details of HIP‑4, a proposal that introduces outcome‑based trading to the platform.  Shared via the social media platform X (previously Twitter), the announcement explained that HyperCore — Hyperliquid’s Layer‑1 blockchain engine — will soon support so‑called “outcomes.”  These are fully collateralized contracts designed to settle within a predefined range. Unlike traditional leveraged derivatives, outcome contracts do not rely on leverage or liquidations, offering a different approach to derivatives trading.  Related Reading: Is The Bitcoin Bottom In? CMT Reveals What Investors Need To See Now According to the team, outcomes are intended as a general‑purpose building block that can power use cases such as prediction markets and bounded, options‑like instruments, areas where user demand has been growing. Following the news, HYPE managed to hold firmly above the psychologically important $30 level and was trading near $33.22 at the time of writing. Over the past week alone, the token has surged approximately 48%.  The move stands in stark contrast to the performance of the wider market. During the same period, Bitcoin (BTC) fell around 10%, Ethereum (ETH) dropped roughly 18%, and Binance Coin (BNB) slid about 11%. Challenging Polymarket And Kalshi Beyond price action, the Hyperliquid team emphasized the broader implications of the outcome primitive for its ecosystem. Outcomes introduce non‑linear payoff structures and fixed‑duration contracts, expanding the range of financial products that can be built on HyperCore.  These contracts are also designed to work alongside existing components such as portfolio margin and the HyperEVM, increasing the overall flexibility of the platform’s infrastructure. At this stage, outcomes remain under development and are currently being tested on Hyperliquid’s testnet. The team noted that standardized, or “canonical,” markets based on objective settlement sources will be launched once development is finalized.  Depending on community feedback, Hyperliquid plans to eventually open the system to permissionless deployment, allowing a wider range of users and builders to create their own markets. Market researcher DeFi Ignas described the proposal as an important innovation, highlighting how outcome contracts could be combined with perpetual futures to create more efficient hedging strategies.  As an example, he explained that a trader could hold a long ETH perpetual position while simultaneously purchasing an outcome contract that pays out if ETH falls below a certain price level, such as $2,000. According to Ignas, this type of composability is not currently possible on prediction platforms like Polymarket or Kalshi. Ignas also pointed to permissionless market creation as another potential differentiator.  HYPE Battles Major Resistance HYPE’s price behavior reflects the instability of the crypto market, despite the euphoria surrounding Hyperliquid’s HIP-4. From a technical sense, $28 served as a major support level during the weekend, preventing further losses.  Related Reading: Dogecoin Crash Sends It To Key Demand Zone, Here’s The Level To Watch On the upside, resistance near $34 has capped gains on multiple occasions, including two failed attempts to break higher on Wednesday and Thursday of last week.  Whether HYPE can decisively clear this resistance is likely to determine whether the recent rally extends further or gives way to another short‑term correction. Featured image from OpenArt, chart from TradingView.com 

Hyperliquid (HYPE) has emerged as one of the few large‑cap cryptocurrencies showing sustained strength across multiple time frames, even as the broader digital asset market remains under pressure.  While Bitcoin (BTC), Ethereum (ETH), and most major tokens have struggled amid a market‑wide pullback, Hyperliquid has continued to post notable gains, setting it apart during what many consider the early stages of a bear market. What’s Driving Hyperliquid Higher Market data from CoinGecko shows that HYPE surged roughly 31% over the past week, pushing the token toward the $34 level earlier in the week, and marking its highest price in more than a month.  Over the past 14 days, HYPE is up around 17%, while gains of 13% and 8% were recorded over the 30‑day and year‑over‑year periods, respectively. By comparison, Bitcoin has fallen 12% over two weeks, slipped 4% over the past month, and is down roughly 21% year‑over‑year. Related Reading: Bitcoin Supply In Loss Begins To Rise, Raising Early Bear Market Concerns Experts have pointed to fundamental and structural developments as key drivers behind HYPE’s performance. Crypto analyst Elite Crypto highlighted the impact of Hyperliquid’s HIP‑3 upgrade, which introduced permissionless perpetual contracts tied to real‑world assets (RWAs) such as gold, silver, and other commodities.  According to the analyst, trading activity in these products has expanded rapidly, with silver‑based perpetuals alone exceeding $1 billion in daily volume on many occasions. Elite Crypto also pointed to signs of institutional accumulation, noting that decentralized autonomous traders, including strategies operating directly on Hyperliquid, have been steadily increasing their exposure.  In addition, research firm Citrini has published bullish commentary on the platform, and speculation around a potential HYPE exchange‑traded fund (ETF) has added to market interest. HYPE Faces Crucial Technical Test  From a technical perspective, analysts see important levels coming into focus. DeFi Guru noted that HYPE is currently testing its primary descending resistance, describing recent price action as impulsive and confidence‑driven, suggesting a shift in momentum.  The analyst identified $30 as a key level to reclaim decisively. A clean move above that area could open the door to the next major target near $35, which aligns with the 0.618 Fibonacci retracement level.  Related Reading: Bitcoin Slides Toward $85,000 Despite Progress On US Crypto Market Structure Bill Another analyst, Efloud, offered a more cautious view and outlined potential support and resistance zones for Hyperliquid. He identified a key support region near the $23.7 level, which is crucial in determining whether the cryptocurrency will continue its rally.  Efloud noted that price has already reached an intermediate resistance area and suggested that short‑side setups would only be considered if bearish market structure appears on lower time frames, either at current levels or closer to the $38–$39 range. Despite the broader bullish narrative, Hyperliquid has not been immune to short‑term volatility. Over the past 24 hours, HYPE has pulled back by roughly 10%, falling toward around $29.  Analyst Ox Kaize described the recent dip as a normal market reaction, particularly given recent developments affecting both gold and Bitcoin. He asserts that a recovery in those markets could provide additional upside momentum for Hyperliquid, potentially pushing the token toward the $50 level. Additional catalysts remain on the horizon. A second Hyperliquid airdrop is expected in the near future, and Kaize believes the timing could be deliberate, as distributing tokens while prices remain below peak levels may support longer‑term ecosystem growth.  Featured image from OpenArt, chart from TradingView.com

After a tumultuous conclusion to 2025, characterized by heightened volatility and the impactful October 10 crypto crash, Hyperliquid (HYPE), one of the market’s largest decentralized exchanges (DEXs), faced significant challenges as it entered 2026.  With less than two weeks remaining in January, market research firm GLC released an interesting report assessing Hyperliquid’s current standing and evaluating its recovery metrics. Post-October 10 Downturn The report highlights that Hyperliquid’s trading volume and open interest suffered a considerable decline following the liquidation event on October 10, marking the onset of a downtrend for the platform.  Since that date, trading volume has decreased by 44.3%, dropping from $10.17 billion to $5.66 billion. Open interest has also experienced a decline of 35.7%, falling from $14.75 billion to $9.48 billion.  However, there are signs of recovery. Notably, since December 1, 2025, trading volume on the platform has seen a slight decrease of 3.2%, while open interest has surged by 45.6%. Related Reading: Is A New XRP Price Record Imminent? Analyst Forecast Colossal Short Squeeze Ahead Year-to-date metrics reveal a more optimistic picture: trading volume has increased by 59.2%, rising from $3.56 billion to $5.66 billion, and open interest has grown by 24.7%, going from $7.60 billion to $9.48 billion.  While open interest has started to recover since the October event, trading volume has not rebounded at the same rate. This disparity has caused the volume-to-open interest (OI) ratio to decline from 0.90 on December 1 to 0.60 as of mid-January, likely due to decreased market volatility, which has dampened trading activity. Despite these challenges, there is a positive trend indicating that traders are beginning to open larger positions on Hyperliquid, and the recovery in volume on a year-to-date basis is promising.  The report suggests that open interest is a more reliable indicator of trader confidence and long-term positioning, while trading volume tends to be influenced by broader market conditions. Although current metrics remain below pre-October 10 levels, the trend indicates that recovery is underway. Will 2026 Mark A Surprising Resurgence For Hyperliquid? The recent volume and open interest data are said to be bullish, with the 7-day average volume increasing by over 130% year-to-date, primarily driven by one active deployer, XYZ, which accounts for roughly 80% of that volume. The 7-day average open interest has also risen by more than 60%. Moreover, Hyperliquid is regaining market share from centralized exchanges (CEXs) as seen in the chart below, with its open interest currently representing about 14.6% of Binance’s, gaining momentum against platforms like Bybit and OKX. Related Reading: Ethereum Poised For $4,000 Breakout? Expert Pinpoints On-Chain Triggers For Potential Rally Another key factor that could further contribute to the platform’s recovery this year is the rollout of portfolio margin. Currently live on testnet, this feature will enable traders to borrow and lend against their collateral, unlocking numerous new use cases.  Historical evidence from other exchanges, such as Bybit, suggests that introducing portfolio margin can be a significant growth catalyst, potentially translating to a substantial increase in trading volume for Hyperliquid. Overall, core metrics are gradually improving, and several catalysts lie ahead, such as the growing adoption of equity perpetuals and the introduction of portfolio margin. GLC’s report asserts:  …If improving market conditions are combined with the catalysts outlined above, and potentially another S3 season bringing in new traders, Hyperliquid will surprise the market once again. At the time of writing, the platform’s HYPE token is trading at around $21.84. This represents a significant 9% retracement within the last 24 hours alone, placing the altcoin 63% below its all-time high of $59.30. Featured image from OpenArt, chart from TradingView.com 

Cantor Fitzgerald, one of the world’s leading asset management firms, has released an in-depth report highlighting the promising future of the decentralized exchange (DEX) Hyperliquid (HYPE).  The 62-page analysis predicts significant growth for both the platform and its native token over the next decade, painting a bullish outlook for investors.  Hyperliquid As ‘The Exchange Of All Exchanges’ As detailed in the report, Hyperliquid operates as a decentralized exchange specializing in trading perpetual futures and is built on a custom layer-1 blockchain. Currently, HYPE has a fully diluted market cap of approximately $15.8 billion.  Year-to-date (YTD) 2025, the platform has generated an impressive $874 million in fees from a staggering $2.947 trillion in trading volume.  Related Reading: Bitcoin Bottom Forecast: Top Expert Predicts $40,000 Target Next Year, Here’s The Analysis A key feature that makes HYPE particularly attractive, and highlighted in the report, is its unique fee structure: approximately 99% of all fees generated by the protocol are allocated to repurchasing and burning the underlying token.  This mechanism not only supports the value of HYPE but also reduces its circulating supply. In early 2025 alone, about 2.6% of all HYPE tokens expected to be in circulation, or roughly 5% of the current supply, were repurchased and burned.  With the anticipation of new product launches, Cantor Fitzgerald views HYPE as “the exchange of all exchanges” and believes there’s a realistic path for annual fees to soar to $5 billion within the next decade. Why Market Dynamics Favor HYPE When it comes to the platform’s native token, HYPE has successfully captured considerable market share and emerged as one of the standout products in the cryptocurrency space over the past year.  In addition to perpetual trading, Hyperliquid has launched spot trading and HIP-3 markets, enabling users to create new markets for a variety of assets including stocks and commodities. Cantor Fitzgerald’s report emphasizes that the immediate determinant of HYPE’s market price will hinge on industry sentiment regarding competition. The ability of emerging rivals to challenge HYPE and affect its fee-generating capacity is paramount.  However, the report argues that current fears surrounding competition may be overstated. It posits that “point tourists”—those who shift from platform to platform seeking incentives—are likely to return to the platform offering the deepest liquidity and best execution, which, according to Cantor Fitzgerald, is Hyperliquid. A mere 1% increase in market share from CEX competitors in the perpetuals sector could translate to approximately $600 billion in trading volume. Based on existing perpetual fee rates, this could result in an additional $272 million in annual fees.  By applying a conservative 25x valuation multiple to these fees, the potential market capitalization would rise to $6.8 billion. HYPE Price To Reach $271? Assuming moderate share gains over the next decade—projecting around 17% in perpetual trades and 18% in spot trading—Hyperliquid’s annual fees could surpass the $5 billion mark.  A conservative valuation multiple of 25x, this would suggest a future market capitalization of approximately $125 billion. Given that nearly all generated fees will be used to repurchase HYPE tokens, a large portion of the circulating supply could potentially be bought back by the time the platform reaches these fee levels. With a forecasted expansion of the fully diluted market cap from roughly $15.8 billion today to $125 billion in the future, combined with a declining supply of HYPE tokens, the projected share price is poised to increase at an even faster pace.  Related Reading: XRP Price Forecast: Key Factors That Could Propel It To $3 In Early 2026 If 20% of the Hyperliquid token float is repurchased—valued at around $3.5 billion today—the report suggests that the HYPE price could reach $271 at a fully diluted valuation of $125 billion. The projections suggest that if HYPE captures just 1% of the market share annually and maintains consistent trading volumes from CEXs, the price of HYPE could grow substantially.  By year 10, the asset manager believes that circulating supply could decrease from 577.2 million to approximately 144.9 million, while the market cap could remain around $16.1 billion based on conservative fee estimates excluding spot and HIP-3 revenues. At the time of writing, Hyperliquid’s native token is trading at $26.49, having recorded major losses of almost 32% over the past month. This represents a 55% gap from the current trading levels and the all-time high of $59.30. Featured image from DALL-E, chart from TradingView.com 

After dipping below the $30 mark last week, Hyperliquid (HYPE), the native token of one of the rapidly expanding decentralized exchanges (DEXs), has managed to recover by 2% this Thursday, positioning itself to benefit from this latest upward movement that has seen the leading cryptocurrencies recover key levels. HYPE Poised For A New Rebound Market analyst OxMakeSense has highlighted the potential roadmap for HYPE to reach $50 in the short term, just below all-time high levels of $59, indicating that the token is starting to show the first signs of a significant shift. He emphasizes that the upcoming levels are filled with untouched liquidity, which could facilitate a climb for HYPE.  Related Reading: Bitcoin Price Climbs Back To $91,000: Is The Decline Over? Key Levels To Watch Following a month of pressure, the analyst asserted that the asset recently formed its first solid rebound, suggesting that the selling pressure has begun to ease and market reactions are gaining strength. OxMakeSense identifies a crucial checkpoint for Hyperliquid in the $37–$38 price range, marking where the last breakdown occurred. If HYPE can reclaim this level, he suggested that it could lead to a squeeze of “trapped sellers.”  Additionally, surpassing the $38 threshold would open up the chart for a direct move toward the $41–$42 range, an area described as “thin” with little major resistance left from prior sell-offs. Analyst Warns Of Potential Retracement To $25 In his social media analysis, OxMakeSense noted that the momentum pivot sits at a significant level of $44. He stated that strong trends typically begin by reclaiming mid-range levels like this one.  Should HYPE flip this resistance into support, it is expected to accelerate further. Above $44, HYPE would enter a clearer trajectory, with targets aligning at $48 and ultimately at $50, where a substantial amount of untouched liquidity resides. Related Reading: Metaplanet In Jeopardy: Bitcoin Needs To Surpass $108,000 By December 18 To Prevent New Crisis However, not all analysts share the same bullish outlook. Fellow analyst Crypto TXG has expressed concerns regarding HYPE’s recent performance, pointing out that it lost the $35.8 level and found a temporary bottom near $28.5.  While HYPE has reversed the trend, it is currently testing the $35.8 mark from below, which acts as a barrier. If HYPE can break through this resistance, the next target would be $42.3. Conversely, if it fails at $35.8, another pullback could occur, potentially retesting the $28.5 support more decisively. Adding to the cautious sentiment, market expert Ali Martinez has indicated that if the token retests the breakdown zone, there is a possibility it could revisit the $25 mark. This suggests that, despite the recent uptick, a short-term retracement of approximately 28% could be on the horizon. Featured image from DALL-E, chart from TradingView.com 

Memecoin POPCAT experienced a significant downturn on Wednesday following a major manipulation event on Hyperliquid (HYPE), one of the leading decentralized exchanges in the cryptocurrency market.  POPCAT Faces 43% Drop Following Manipulative Scheme According to a detailed analysis of the situation by DeFi researcher Hanzo on social media site X (previously Twitter), an unknown trader executed a well-coordinated strategy approximately 13 hours prior to the market disruption.  The trader withdrew $3 million in USDC from the OKX exchange and distributed the funds across 19 different wallets on Hyperliquid. Subsequently, they initiated sizable long positions on POPCAT, accumulating total exposure estimated between $20 million and $30 million. Related Reading: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point To create an illusion of demand for the memecoin, the trader placed a massive buy wall at the price point of $0.21, with orders totaling $30 million lined up on the order book. This artificial façade of high buying interest successfully attracted real traders, prompting them to jump on the bandwagon and increase their own buying activity. However, the situation took a swift turn when the trader removed the buy wall without warning, leading to an instantaneous collapse in the price of POPCAT. This shift resulted in the liquidation of all the long positions taken by traders. The unknown trader lost their $3 million collateral, while Hyperliquid’s HLP system automatically absorbed the open positions. This action triggered an additional loss of approximately $4.9 million to the HLP, exacerbating a broader market selloff across the token. Hyperliquid Faces Third Major Disruption This Year In the wake of the incident, the Hyperliquid team took emergency measures to stabilize the market and close any remaining exposures. Shortly after, the platform paused its Arbitrum (ARB) bridge, although it continued processing deposits and withdrawals normally. The community has expressed skepticism regarding the circumstances surrounding this incident, with many suggesting it may not have been a random liquidation.  Instead, some believe the event could resemble a deliberate stress test or an attack aimed at destabilizing Hyperliquid’s liquidity system. Some contend that the rapid loss of millions in such a short time frame seems too calculated to be merely coincidental. Related Reading: China’s Cybersecurity Agency Alleges US Government Stole $13 Billion In Bitcoin This incident marks the third major market disruption on Hyperliquid in 2025, raising serious questions about the exchange’s approach to handling liquidity concentration and its systemic risk management practices, as noted by Hanzo in his analysis.  Following the manipulation, the POPCAT memecoin saw a steep decline of approximately 43%, dropping from $0.21 to $0.12, with total liquidations reaching around $63 million. The decentralized exchange’s native token, HYPE, also declined significantly following the event. According to CoinGecko data, it is currently trading at $38.25, which is a 7% decrease on the weekly timeframe.  Featured image from DALL-E, chart from TradingView.com 

Cryptocurrency trading platform Robinhood (HOOD), has recently announced the listing of HYPE, the native token of the decentralized exchange (DEX) Hyperliquid, sparking a new rally for the altcoin, which surged beyond $40 on Thursday, marking an intraday recovery of 13%. $1 Billion For HYPE Token Buyback HYPE, with a market capitalization nearing $11 billion, has emerged as one of the market’s top performers, skyrocketing by 1,000% from its launch price of $10 in December 2024. This growth has been accompanied by an 18% increase in trading volume over the last 24 hours, according to data from CoinGecko. Related Reading: $1.7 Trillion Firm T. Rowe Price Seeks Approval For Crypto ETF Linked To Multiple Tokens The recent uptick in HYPE prices also coincides with Hyperliquid Strategies’ filing with the US Securities and Exchange Commission (SEC) to raise $1 billion for a buyback of HYPE tokens.  The company is expected to hold approximately 12.6 million HYPE tokens, valued at around $470 million, along with $305 million in cash reserves designated for additional token purchases. Key Resistance And Support Levels For Hyperliquid’s Price As of now, the HYPE price is trading at approximately $40.54, still 31% below its all-time high of $59 reached earlier this year. Moving forward, key price levels for Hyperliquid include closing the week above $40, which would convert this previous resistance into a short-term support level for potential further increases. Related Reading: Gold Rotation Impact: Bitwise Warns Bitcoin Could Skyrocket To $242,000 To the upside, additional resistance for the HYPE price may be encountered at $42, $46, and $50 before the altcoin can attempt to retest its $59 peak. Conversely, a support floor for Hyperliquid’s short-term price action is anticipated at $35, established over the past week, providing a buffer against potential new declines in price. Featured image from DALL-E, chart from TradingView.com 

Hyperliquid (HYPE) has had a turbulent week as the broader altcoin market faces intense selling pressure. After weeks of steady growth, the token is now testing key support levels, with bulls struggling to regain control. Despite the ongoing correction across the crypto landscape, sentiment around Hyperliquid remains mixed — while traders brace for more downside, some optimistic analysts see potential for recovery in the coming weeks. Related Reading: The Bitcoin OG Is Back – Opens Massive Short After $30M USDC Deposit According to fresh data from CryptoQuant, whales are going long on HYPE, signaling renewed confidence among large investors even as retail sentiment weakens. These whale moves often mark the early stages of a rebound, especially when they occur during heightened volatility. Analysts note that such positioning can indicate that smart money is preparing for a potential market reversal, or at least for a relief rally once selling pressure cools off. Still, the short-term outlook remains uncertain. With the market environment dominated by fear and liquidity thinning out, Hyperliquid’s price action in the coming days will be critical in determining whether it can hold its current support zone or if another leg down awaits. For now, all eyes are on whale behavior — and what it might be signaling next. Big Players Bet on a Hyperliquid Rebound Altcoin data analyst Kate Young Ju shared fresh insights into Hyperliquid’s futures market, revealing that the average order size has significantly increased, signaling that large investors — or “big players” — are positioning for a potential price surge. According to the data, institutional-scale orders have become more frequent over the past week, a clear indication that market participants with deep capital are starting to take calculated long positions despite the ongoing volatility. This comes after a remarkable year for Hyperliquid, which has rapidly emerged as one of the most innovative decentralized perpetual exchanges in the market. Built on its own high-performance Layer 1, Hyperliquid has attracted both traders and liquidity providers through features like zero gas fees, fast settlement, and native HYPE staking rewards. Since its early 2025 rally, the protocol has seen exponential growth in trading volumes and community engagement, solidifying its position among top DeFi derivatives platforms. The rise in futures order size reflects growing confidence that HYPE may recover from its recent drawdown. Historically, such activity often precedes a reversal, as whales and sophisticated traders tend to accumulate during market uncertainty. This accumulation phase suggests a potential shift in momentum — where smart money is preparing for the next leg up while retail sentiment remains cautious. If Hyperliquid’s price action stabilizes and macro conditions improve, this whale-driven accumulation could act as the foundation for a strong rebound phase. However, analysts warn that a lack of follow-through from retail traders or a broader crypto selloff could still dampen short-term momentum. For now, the data paints a compelling picture: big players are quietly betting that Hyperliquid’s story isn’t over — it might just be entering its next major chapter. Related Reading: XRP DEX Volumes Surge As Price Plunges: Smart Money Accumulating? HYPE Analysis: Testing Key Support After Weeks of Volatility Hyperliquid (HYPE) is currently trading around $35.6, down more than 6% on the day, as the token continues to face heavy selling pressure. The daily chart reveals that HYPE has entered a critical support zone near the 200-day moving average (red line), which sits around $34–$35. This level has acted as a strong base during previous corrections, particularly during April and July, when similar pullbacks led to renewed bullish momentum. Related Reading: Bitcoin Bulls Rely on STH Realized Price Support Cluster: Loss Could Trigger $100K Retest However, price action has weakened notably after failing to reclaim the 50-day moving average (blue line) near $42, turning it into short-term resistance. The series of lower highs and sharp rejections from this zone highlight a market struggling to regain confidence. On a broader view, HYPE remains in an uptrend, but the structure is under pressure. If the token manages to consolidate above $35, it could attract buyers aiming for a rebound toward the $40–$42 area. Conversely, a breakdown below $34 could accelerate losses toward $28, the next significant support level. Featured image from ChatGPT, chart from TradingView.com

Layer-1 (L1) blockchain Monad has recently opened a portal for users to claim the airdrop for its native MON token, with the claiming period set to end on November 3. However, the announcement has sparked significant criticism within the crypto community.  Many users, particularly those on social media platform X (formerly Twitter), have voiced concerns that the criteria for eligibility have not aligned with the developments, leaving several traders, including those from Hyperliquid (HYPE), ineligible for the airdrop. Hyperliquid And HypurrNFT Users Left In The Lurch At the time of the announcement, it was stated that users of Hyperliquid, Phantom perps, and holders of HypurrNFT would be eligible to receive the MON airdrop.  Despite this, reports indicate that very few HypurrNFT holders qualify, with some users claiming that their substantial trading volumes—over 200 million on perps—did not meet the eligibility requirements.  Related Reading: Hyperliquid Vs Binance: Founders Clash Over Liquidation Transparency These frustrations have led to comments such as, “this airdrop is a joke,” highlighting the disconnect between the expectations set by Monad and the reality faced by its community. According to the outlined criteria, Monad plans to distribute tokens to over 235,500 users, including active community members who have consistently supported the project on social media and engaged in various initiatives.  The criteria also encompass traders with high trading volumes on decentralized exchanges like Hyperliquid, long-term holders of popular NFTs (such as CryptoPunks and Pudgy Penguins), participants in DAO voting on Ethereum-based platforms, contributors to ecosystem development through various roles, and developers actively creating products on Monad and participating in project hackathons. Critics Question Monad’s Commitment To Users Critics, including DeFi researcher Coin Metrika, have sharply criticized Monad’s airdrop strategy. Metrika pointed out that the published eligibility criteria shocked many within the crypto community, revealing that only 5,500 wallets are considered eligible—representing just 0.74% of Monad’s Discord users.  Related Reading: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal Meanwhile, the project is distributing airdrops to 225,000 addresses outside of its community, many of whom may not even be aware of Monad or the impending claim deadline. In a sarcastic commentary, Coin Metrika summarized the situation, stating: If you haven’t figured it out yet, here’s a summary of #MonadAirdrop criteria: You have roles in Discord that are difficult to obtain—thank you, we’re not interested in you because you’re poor! You participated in our testnet—thank you for helping us test the product for free, which we sold to investors for a lot of money. Dressed up in clown costumes and shot viral videos to promote the @monad brand—thank you, we laughed out loud at you. You have money that you’ve shown on the blockchain—let’s be friends, here’s your airdrop! This highlights the increasing dissatisfaction within the Hyperliquid, HypurrNFT and wider crypto communities regarding how Monad has handled its airdrop initiative, raising questions about its commitment to its users. At the time of writing, HYPE trades at $39, recording losses of 13% over the past seven days.  Featured image from DALL-E, chart from TradingView.com

During last week’s market downturn that saw HYPE prices plummet towards $20, Hyperliquid reportedly maintained 100% uptime with zero bad debt, as stated by the platform’s founder, Jeff Yan.  However, in a post shared on social media site X (formerly Twitter), Yan also raised concerns about certain centralized exchanges (CEXs), suggesting they may have underreported liquidation data during this volatile event. The Liquidation Debate In his remarks, the platform’s founder highlighted that Hyperliquid operates on a blockchain where every order, trade, and liquidation occurs visibly on-chain, allowing anyone to permissionlessly verify the execution of these processes.  Related Reading: Bitcoin Weekly Preview: Trump’s Tariff Playbook Is Back — Here’s How To Trade It Yet, Yan identified a troubling trend among some CEXs, which he claims publicly document a drastic underreporting of user liquidations. He took Binance’s example, noting that even when thousands of liquidation orders occur simultaneously, only one is reported due to limitations in its data stream.  The platform’s founder asserted that this can obscure the actual volume of liquidations, particularly during high-volatility events like the recent flash crash, leading to a potential underreporting factor of 100 times. In response to Yan’s criticism, Binance former CEO and founder Changpeng Zhao (CZ), addressed the issue, stating,  Some people ask why is #BNB so strong? While others tried to ignore, hide, shift blame, or attack competitors, the key @BNBChain ecosystem players (Binance, Venus, and more) took hundreds of millions out of their own pockets to PROTECT USERS. From Binance To Hyperliquid This exchange comes on the heels of a major drop on broader crypto prices last Friday, which saw the Bitcoin (BTC) price drop from $122,000 to $102,000 on exchanges like Binance, leading to the liquidation of over $19 billion in leveraged positions.  Amid the chaos, Jeff noted that Hyperliquid reportedly managed a trading volume between $50 and $70 billion without any downtime or disruption. In contrast, Binance faced temporary technical issues that left some users unable to close their positions. Related Reading: Bitcoin Whale Breaks 13-Year Silence, Moves $33 Million To Exchange Hyperliquid’s founder has a history with Binance, having participated in the Binance Labs Investment Incubation Program in 2018. During this period, he, along with co-founder Brian Wong, aimed to develop Deaux, a decentralized prediction market product.  Their vision was to create a platform that facilitated collaborative betting within an international liquidity pool using cryptocurrency. Throughout their time in the Binance Incubation Program, they emphasized the importance of user experience while exploring the benefits of decentralization.  Their product sought to mirror the user-friendly interface of centralized exchanges like Binance—offering low fees and real-time feedback—while ensuring security through blockchain smart contracts and incorporating decentralized democratic voting for settlement. At the time of writing, HYPE is still recording weekly losses of 14%, with the token trading at around $41.88. However, it has recovered by over 4% in the last few hours, although all-time high levels are still 28% away.  Featured image from DALL-E, chart from TradingView.com 

Circle Internet Financial (CRCL), the firm behind the USDC stablecoin, has announced a significant investment in Hyperliquid (HYPE), a layer-1 blockchain that has experienced high demand this year.  Circle’s Strategic Move Into Hyperliquid As part of this initiative, Circle has launched Native USDC and Cross-Chain Transfer Protocol (CCTP V2) on HyperEVM, an Ethereum Virtual Machine (EVM) integrated into Hyperliquid’s layer-1 blockchain. This move is expected to streamline the adoption of USDC and enhance its utility. Plans also include enabling direct deposits and ensuring CCTP interoperability for Hyperliquid USDC on HyperCore, a platform that specializes in on-chain financial operations. Related Reading: Crucial Ten Days Ahead For Crypto: Will They Ignite Mega Altcoin Season? Circle’s announcement further revealed that it has become a direct stakeholder in Hyperliquid. The stablecoin issuer is also considering becoming a Hyperliquid validator, which would strengthen its position within the network. Hyperliquid also boasts nearly $6 billion in USDC, which is a little over 8% of Circle’s total USDC supply. These deposits would reportedly generate approximately $250 million in annual interest for partners such as Circle and Coinbase (COIN). Jeremy Allaire, Circle’s CEO stated on X (formerly Twitter): Don’t Believe the Hype. We are coming to the HYPE ecosystem in a big way. We intend to be a major player and contributor to the ecosystem. Happy to see others purchase new USD tickers and compete . Hyper fast native USDC with deep and nearly instant cross chain interoperability will be well received.  HYPE Token Hits New All-Time High The blog post further asserted that the integration of Native USDC onto HyperEVM—and the upcoming support from HyperCore—promises to enhance the capital efficiency of transactions within the Hyperliquid ecosystem.  This initiative is said to allow developers and users to transact seamlessly across the crypto economy, making it easier for fintech firms and other service providers to leverage USDC. Circle’s investment in Hyperliquid is just the beginning as the company plans to introduce incentive programs for builders working on HyperEVM, aiming to stimulate innovation and collaboration. The blog post concluded: We’ve simply been blown away by the growth and success of Hyperliquid over the last year, and as we’ve gotten to know Jeff and team, and many of the major emerging builders in the ecosystem, it’s very clear that this is something incredibly unique and special. Circle is here. We’re investing. We’re thrilled to be supporting this incredible community. Related Reading: Analyst Raises Red Flags On Bitcoin Price: Allegations Of Market Manipulation According to CoinGeko data, HYPE has surpassed a market capitalization of $14 billion, surging over 1,500% since its inception and debut on December 1, 2024. As of this writing, the price of Hyperliquid’s native token has retraced toward $53 after reaching a new all-time high of $57 last Friday. Circle’s stock, on the other hand, which recently debuted on the Nasdaq, is trading at $135 per share — a nearly 55% drop compared to its all-time high of over $298. However, relative to its IPO price of $64, the stock has gained 157%.  Featured image from DALL-E, chart from TradingView.com 

Hyperliquid has quickly become a main character in the crypto space after it became the leading decentralized finance (DeFi) exchange for perp trading. As its popularity has grown, so has the price of its native HYPE token. This has seen it rally even at a time of bearish divergence in the crypto market, moving up by more than 50% in one week to reach new all-time highs. Factors Driving The Hyperliquid Price The main driver behind the Hyperliquid price pushing to new all-time highs has been the rise in attention being paid to the platform. As crypto investors are pivoting toward more decentralized platforms for their perpetual trading activities, HYPE’s mindshare has grown exponentially over the last few months. Related Reading: Is The Bitcoin Rally Over After $111,900 ATH? Global M2 Money Supply Is Still Going This rising interest translated to a major surge in the platform’s trading volume over the last few weeks. Most notable were the billion-dollar bets placed by James Wynn, who has quickly risen to become the most popular crypto trader on Hyperliquid. His trades garnered the interest of thousands, putting more eyes on the platforms as onlookers stood by to see the outcome of his trades. In particular, over the last week, the platform recorded its highest weekly volume since it was launched, reaching $78.672 billion in trading volume between May 11 and May 18, 2025. Daily trading volumes have also not been left out, consistently crossing the $2 billion mark daily. Its highest daily trading volume yet was recorded on May 21, 2025, with $17.731 billion trade on the platform. Cumulatively, the Hyperliquid platform has reached $1.156 trillion in volume in three years of operation, DefiLlama data shows. Other major developments that the platform has seen is the rise in the open interest. The platform celebrated a new all-time high after open interest crossed the $10.1 billion mark on the platform. The amount of USDC locked on the platform also climbed to $3.5 billion, with $5.6 million in fees generated in only a 24-hour period. In one week, the platform was able to generate over $22 million in fees alone. Related Reading: XRP Price Consolidates In Tight Bullish Compression Pattern, Why $5 Is Possible On its own, the HYPE price is still showing a lot of bullish momentum despite already rising 50% in one week. Daily trading volumes crossed $460 million on May 26, according to data from CoinMarketCap. Crypto whales have been especially active during this time, as Lookonchain reported three whales spending $5.33 million to buy HYPE on Monday. With volumes rising and prices going up, it suggests that a lot of the volume is actually from buyers. If this buying pressure continues, then it is likely that the price sees further upside before putting in a correction. Featured image from Rigzone, chart from TradingView.com