Hyperliquid claims world-class perp liquidity as HYPE jumps ~24%
Hyperliquid says its trading venue now rivals top exchanges for crypto price discovery, citing deeper order books and strong perpetual (perp) activity under its HIP-3 infrastructure. HIP-3 equity and commodity perpetuals posted heavy flows: daily perp volume recently topped $1bn and open interest (OI) approached record highs (near $790M–$800M), with commodity-linked markets driving much of the increase. The update prompted HYPE to rally roughly 23–24% to about $28. Analysts flagged a short-term supply band at $28–$30; a decisive break above $30 could clear the way toward $35. On-chain data show large transfers and whale behavior: a $10.32M OTC move of 465,000 HYPE (Galaxy-related) and ongoing withdrawal of supply from exchanges. Monthly token unlocks (9.92M HYPE) produced limited sell pressure (~10% sold over two months), while top buyers accumulated nearly $200M HYPE in 30 days. Many long leveraged positions were liquidated, producing a cleaner leverage profile. Exchange volume and OI rose substantially (exchange volumes and Coinglass data point to a notable uptick), but Hyperliquid’s revenue remains muted — analysts say sustained price recovery likely requires stronger platform revenue, token buybacks/burns or treasury support. Key trader signals: HIP-3 open interest and order-book depth (vs. Binance), HYPE unlock schedule and team/treasury flows, whale accumulation or selling, exchange supply trends, and whether HYPE holds the $25–$26 reclaim zone or clears the $28–$30 resistance.
Bullish
The combined reports point to constructive fundamentals for HYPE in the near term. Strong HIP-3 perp volume and record-near open interest indicate genuine demand. On-chain signals — exchange withdrawals, large OTC transfers, and top buyers accumulating ~ $200M HYPE — reduce circulating sell pressure. Monthly unlocks produced limited immediate selling, and leverage clean-up via long liquidations removes a common source of downside volatility. The immediate price action (a 23–24% spike to ~$28) and the identified support/reclaim zone ($25–$26) support a bullish short-term outlook provided HYPE holds those levels. However, the bullish case is conditional: platform revenue remains muted and sustainable token appreciation likely requires improved revenue, buybacks/burns or continued strong organic demand. Key risks that could reverse the bullish view include heavy team/treasury selling at scheduled unlocks, renewed whale dumping, failure to break and hold above the $28–$30 resistance, or a drop below the $25–$26 support. Traders should watch HIP-3 OI and order-book depth versus major venues, exchange supply trends, unlock schedules, and on-chain whale flows to confirm sustained strength.