Hyperliquid reached a new all-time high as the HYPE token entered a price discovery phase, before pulling back 3% from that peak. More than $480 billion was added to the total crypto market cap during the week of August 19-23. Hyperliquid’s weekly perpetual trading volume reached approximately $70 billion, generating $24.63 million in total fees, its strongest weekly performance since early June. Open Interest increased by $1 billion in the last week, with rising volume and fee generation suggesting the pullback is more likely a consolidation phase than a reversal. HYPE/BTC outperformed both Bitcoin and Ethereum, closing the week up more than 15% against BTC compared to ETH/BTC’s 6% gain.
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