Hyperliquid Token Leads Altcoin Rebound as Bitcoin Price Steadies

The Hyperliquid platform's native token, HYPE, is today the strongest performer among top 15 assets by market cap—excluding stablecoins. Its seven-day gains have outpaced major altcoinsaltcoins as Bitcoin volatility posts record lows for the year, pushing a relatively stable trading pattern.

HYPE traded at $41.31, down 0.3% on the day, yet maintaining strong momentum with 12.4% weekly gains and 67.2% monthly appreciation, according to data from CoinGecko. It has sustained this uptrend since mid-May, with recent price action pushing HYPE back toward monthly highs around the $42 range.

Compared to established altcoins, heightened investor interest around HYPE "reflects both speculative momentum and deeper fundamentals like ecosystem growth and institutional interest," Vincent Liu, chief investment officer at crypto and quantitative trading firm Kronos Research, told Decrypt.

For instance, Ethereum, Solana, and Dogecoin posted modest gains, extending their upward momentum as the broader crypto market remains relatively stable.

How HYPE Surged on Hyperliquid’s Growing Perpetual Futures Stardom

HYPE, the native token of Hyperliquid, was a standout performer among altcoins in May, as traders flocked to the decentralized exchange’s perpetual futures offering, according to a report published by asset manager Grayscale on Monday. HYPE was recently changing hands around $37.72, a 14% increase over the past day, according to crypto data provider CoinGecko. Over the past 30 days, the token’s price has soared 80%. HYPE reached an all-time high of $39.68 just over a week ago. “Hyperliquid has s...

Over the week, ETH has climbed 7%, SOL by 7.3%, and DOGE by 4.4% over the same stretch. All three are showing signs of recovery from late-May lows, but remain well below recent local highs.

Bitcoin, meanwhile, posted record lows for implied volatility, which gauges how much of its spot price could move further, based on options prices.

Of the four, Liu suggests "a mix of retail hype in DOGE and HYPE, alongside real progress in ETH and SOL" is taking shape.

But while the upswing "has legs short‑term, driven by liquidity, retail energy, and fresh institutional interest," Liu acknowledged how broader macro factors are still at play, citing how "tariff headlines and dollar strength" ratios add friction to the fray.

"Long‑term upside hinges on macro stability and clear regulation," Liu told Decrypt.

The same factors could be drawn on Bitcoin, whose new highs have been “fueled by increasingly hard-to-ignore institutional participation,” and as such has “reignited optimism across the entire crypto space,” encouraging “renewed retail interest and appetite for altcoins perceived as strong projects or community favorites,” Jeth Ang, chief operating officer at modular onchain platform Sovrun, told Decrypt.

"This institutional momentum creates a positive feedback loop, encouraging renewed retail interest and appetite for altcoins perceived as strong projects or community favorites," he added, saying that one of the things helping HYPE is its simple yet effective token design.

"This clarity, combined with growing regulatory optimism, strengthens the case not only for $HYPE but also for crypto’s evolving role as a credible, revenue-generating asset class," Ang said.

HyperLiquid Trader Liquidated for $100 Million After Bitcoin Bet Unravels

A crypto trader has reportedly been liquidated for over $100 million following an initial $1 billion leveraged Bitcoin position on the decentralized derivatives platform Hyperliquid. The trade—tied to a wallet beginning with "0x507" and tagged as belonging to"James Wynn" by Arkham Intelligence—had been closely watched after Wynn built a 40x leveraged long position last week, betting Bitcoin's price would continue to climb. However, on Thursday, the bet unraveled despite a lack of volatility in B...

Interest in Hyperliquid has resulted in "consistently high organic usage" as it competes with "centralized derivative exchanges like Binance and Bybit," analysts at investment firm Grayscale wrote last week, citing how the decentralized exchange has attracted users for its perpetual futures offerings, as fiscal risks generated broader demand for Bitcoin and other cryptos.

In crypto, perpetual futures are derivatives contracts that never expire, allowing traders to speculate on price movements indefinitely without taking delivery of the underlying asset.

The idea was first proposed in 1992 by American economist and Nobel Laureate Robert Shiller. It later gained traction and now accounts for roughly 93% of all derivatives trading in crypto, according to industry estimates.

Last month, Hyperliquid joined a group of other top exchanges responding to the SEC's call on perpetuals, citing how "continuous, on-chain markets" such as its platform "already meet—and in several respects exceed" what the regulator requires "for resilience and customer protection."

Edited by Stacy Elliott.