Bitcoin crossed above $78,200 on Friday for the first time since May, gaining nearly 25% over the past week. Hyperliquid’s HYPE token reached a record high of $75, posting a gain of over 195% year-to-date. The decentralized exchange processed more than $633 billion in combined spot and perpetual futures volume during the first quarter of 2026, six times its Q2 2024 total. This growth has diverted capital from direct Bitcoin purchases: $4.5 billion in short positions were liquidated over the week, including $1.3 billion on Tuesday alone, according to Bitwise. President Trump also announced his administration is working to bring Hyperliquid to the United States in a fully compliant manner.
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