Hyperliquid (COIN: $HYPE) has been moving against the market tide. While Bitcoin has been under pressure in recent weeks, HYPE has held up far better, gaining more than 20% over the last month and posting additional upside during sessions when most major coins traded red. That relative strength is turning heads, especially as new institutional access points and fresh protocol upgrades add to the bullish narrative.
At around the low-$30s recently, HYPE was up roughly 6% in 24 hours at one point, even as Bitcoin briefly slipped below the $72,000 area and the broader market saw heavy selling. Over the last seven days, HYPE remained positive, and over the past month it has clearly outperformed. The takeaway for traders is simple: HYPE is attracting its own demand drivers rather than simply following Bitcoin’s direction.
Leverage Is Cooling
Derivatives data suggests this move is not purely fueled by aggressive leverage. Open interest dipped about 2.4% to roughly $1.55 billion, while trading volume declined by more than 30% to around $4.06 billion, based on CoinGlass data. In many cases, falling open interest during a price climb can imply that traders are reducing exposure and taking risk off the table, a dynamic that can reduce the odds of a liquidation-driven crash and support steadier price action.
Why HYPE Is Rising
Several catalysts have tightened the supply-and-demand picture for HYPE in the short term. First, Ripple announced that Ripple Prime, its institutional brokerage platform, added support for Hyperliquid.
The integration is designed to give institutions a cleaner path to access on-chain perpetuals and derivatives on Hyperliquid while managing risk alongside traditional assets like FX and fixed income. Even though it does not directly involve the XRP Ledger, it places Hyperliquid closer to institutional workflow, and HYPE is the token most closely associated with that ecosystem’s trading activity.
Second, Hyperion DeFi Inc. (NASDAQ: HYPD), a publicly traded digital asset treasury focused on Hyperliquid, said it plans to use its HYPE holdings as options collateral. The company positioned the approach as non-directional, aiming to earn income from options premiums and fees, alongside staking rewards.
Hyperion also plans to work with Rysk protocol to launch an on-chain options vault directly on Hyperliquid. If more tokens get pulled into structured products and yield strategies, that can reduce liquid supply and potentially support price during volatile periods.
Hyperliquid’s Prediction Market Push
One of the biggest narrative drivers is HIP-4, a proposal that introduces fully collateralized outcome-based trading products that resemble options and prediction markets. The pitch is clear: defined risk, no leverage, and no liquidations. Instead of being forced out mid-trade due to volatility, participants post collateral upfront and settle at predefined.
This is important because prediction markets have become one of crypto’s fastest-growing segments, and Hyperliquid is trying to extend its platform beyond perps into “outcomes” trading. The testnet has already gone live, and the proposal has been in community voting. Even if prediction markets do not instantly become a dominant revenue stream, the product expansion adds another growth lever on top of Hyperliquid’s existing derivatives engine.
Token Unlock Risk
A key overhang is the recent token unlocks that released roughly 9.92 million HYPE, around $300 million at the time. So far, the market has not reacted with a sharp selloff, and the fact that previous unlocks were absorbed without dramatic pullbacks appears to be keeping nerves calm. Still, unlocks remain a risk factor that can change sentiment fast if demand softens.
Trend Shift From Bearish to Constructive
Technically, the structure has improved. After months of decline, HYPE reclaimed the mid-Bollinger Band and held above it, while the latest pullback produced what looks like the first higher low since late 2025, a classic signal that bearish control may be fading.
Price has also pushed above the upper Bollinger Band with stronger closes rather than weak, wick-driven spikes. The RSI has been holding in the 60-70 zone, typically a bullish momentum range, and the $32-$33 zone appears to have flipped from resistance into support.
If HYPE can hold above $32, the chart path opens toward the high-$30s and potentially the $40 area. If it loses $32 decisively, the next likely test is around $27-$28, where trend support would be challenged.
Is HYPE A Buy in 2026?
HYPE’s outperformance looks tied to real catalysts: more institutional access via Ripple Prime, deeper token utility via collateral and vault strategies, and an ambitious push into fully collateralized prediction market-style products through HIP-4. The chart structure has improved, and market behavior suggests buyers are still absorbing supply.
For momentum-focused traders, the $32 level is the line in the sand. For longer-term bulls, the bigger bet is that Hyperliquid’s product expansion and value accrual keep converting platform growth into sustained demand for HYPE.
Click Here for Updates on HYPE – It’s 100% FREE to Sign Up for Text Message Notifications!
Disclaimer: This website provides information about cryptocurrency and stock market investments. This website does not provide investment advice and should not be used as a replacement for investment advice from a qualified professional. This website is for educational and informational purposes only. The owner of this website is not a registered investment advisor and does not offer investment advice. You, the reader / viewer, bear responsibility for your own investment decisions and should seek the advice of a qualified securities professional before making any investment. Please read our Full Disclaimer: https://dexwirenews.com/disclaimer/
