Hyperliquid’s HYPE token has surged 25 % in 24 hours to break above the $72 mark, fueled by an explicit endorsement from President Donald Trump, a historic precious-metals trading frenzy on the platform, and a tokenomics model that has already absorbed over $900 million through buybacks. The rally brings the token within 10 % of its June 16 all-time high of $77 and reignites institutional appetite for the decentralized perpetuals protocol.
🔑 Key Takeaways
- HYPE jumped from $58 to $72 (+25 %) in 24 hours, within 10 % of its $77 ATH set on June 16.
- President Trump confirmed the CFTC is working to integrate Hyperliquid « fully compliantly and legally » in the U.S.
- The silver/USDC market on Hyperliquid topped $1.2 billion in daily volume, second only to Bitcoin.
- Over $900 million in protocol revenue has been redirected to HYPE buybacks since October.
- JPMorgan, however, warned that ETF inflows have stalled since July amid rising competition.
Macro and political catalysts: Trump and the U.S. Treasury step in
Two macro announcements converged to revive risk appetite across crypto markets. First, the U.S. Treasury announced it would double the size of its long-term debt buybacks, a technical easing operation traders read as indirect support for risk assets. But the real inflection came from President Trump’s public stance on cryptocurrencies.
Trump stated that the U.S. government — specifically the Commodity Futures Trading Commission (CFTC) — is working to integrate Hyperliquid in a « fully compliant and legal » manner in the United States. This follows similar remarks by CFTC chair Michael Selig in June. For the market, it is a strong signal: the highest executive authority is validating the regulatory future of a decentralized derivatives venue.
« Hyperliquid will be integrated in a fully compliant and legal way, under the oversight of the CFTC. »
Donald Trump, President of the United States
Precious-metals frenzy: the debasement trade intensifies
HYPE’s surge is amplified by a broader rush into hard assets. On Hyperliquid, the silver/USDC market generated $1.2 billion in 24-hour trading volume, becoming the second-most-traded market on the platform behind Bitcoin. Gold tallied $131 million over the same period, while copper and natural gas contracts each pulled in tens of millions of dollars.
This dynamic reflects the « debasement trade » — a strategy of betting on hard assets to outrun the erosion of fiat currencies under inflationary monetary policy. Gold climbed roughly 67 % last year, its strongest annual performance in over 45 years, and now trades around $5,088/oz, up 18 % year-to-date. Silver outperformed even further: +145 % in 2025, then an additional +53 % this year, hitting an all-time high of $117/oz.
| Asset | Hyperliquid 24h volume | Annual performance |
|---|---|---|
| Silver / USDC | $1.2 B | +145 % (2025) then +53 % YTD |
| Gold | $131 M | +67 % (2025) then +18 % YTD |
| Copper / Natural Gas | Tens of millions each | n/a |
Tokenomics: the buyback engine that absorbs selling pressure
The structural engine behind HYPE’s momentum remains the buyback mechanism launched in October. Hyperliquid opened the door to creating perpetual-contract markets by locking HYPE tokens, with fees split 50/50 between the protocol and the market creator. The protocol is contractually required to use the vast majority of fee revenue to repurchase HYPE on the open market via its Assistance Fund.
According to the ASXN Hyperliquid Dashboard, more than $900 million has already been deployed to buybacks tied to protocol revenue. The feedback loop is powerful: higher volatility draws more flow, fees rise, buybacks intensify, and price follows. Looking ahead, Efe « Crypto Kid » Kelemci of BeInCrypto’s Market Intelligence Expert Council notes that 99 % of an expected $850 million in 2025 revenue will be allocated to buying and burning HYPE tokens.
« Hyperliquid’s revenue-generating economic model looks particularly attractive to institutions, as nearly $850 million in projected 2025 revenue has been allocated 99 % to buying and burning $HYPE tokens. »
Efe « Crypto Kid » Kelemci, Market Intelligence Expert Council, BeInCrypto
Institutional adoption: ETFs, prime brokers and corporate treasuries
Institutional interest is amplifying the rally. Spot HYPE ETFs pulled in roughly $153 million of net inflows in their first month of trading and generated nearly $900 million in cumulative volume. Three products hold the token directly: 21Shares’ THYP, Bitwise’s BHYP, and Grayscale’s HYPG.
On June 15, while spot Bitcoin ETFs saw outflows, Hyperliquid products captured inflows — a sign of intra-crypto rotation. FalconX, a major digital-asset prime brokerage, argues Hyperliquid is increasingly seen as a challenger not only to crypto exchanges but to components of traditional markets. That recognition is reinforced by integrations with institutional custodians and service providers such as Anchorage Digital and Ripple Prime. HYPE also ranks 4th among corporate crypto holdings.
Warning signs and technical setup
It is not all upside. Leverage on Hyperliquid remains elevated since mid-May, and liquidation data reveals two-sided risk: long liquidations spiked in early June when price pulled back from local highs, while short liquidations have recently accelerated as the token pushed higher — a textbook short squeeze pattern feeding the breakout.
Two counterweights temper the momentum. Arthur Hayes sold his entire HYPE position above $72 in early June, then denied any subsequent repurchase. More importantly, JPMorgan reported that HYPE ETF inflows largely stalled in July and August after the May-June surge, citing rising competition from regulated crypto derivatives platforms and saturated prediction markets. The bank warned that the rollout of regulated U.S. perpetual crypto futures products could divert trading volume away from offshore DEXs.
On the chart, HYPE has reclaimed the Fibonacci 1.272 extension at $70.04 and now targets the 1.618 extension at $83.55 as its first objective, with the 2.0 extension near $98.47 as a second target. The daily RSI sits near 63, rising but still outside overbought territory. Kelemci sees a long-term target of $300, which would imply a market cap roughly aligned with Robinhood (~$70 billion) if Hyperliquid captures Tier-1 exchange volumes and launches spot trading.
| Technical level | Price (USD) | Status |
|---|---|---|
| Fib 1.272 extension | $70.04 | Reclaimed |
| Fib 1.618 extension | $83.55 | Target 1 |
| Fib 2.0 extension | $98.47 | Target 2 |
| Daily RSI | ~63 | Rising, not overbought |
| Kelemci long-term target | $300 | Robinhood-style ~$70B mcap scenario |
Conclusion: a rally on three engines, but watch the exits
HYPE this week combines three rare catalysts: a top-level U.S. political endorsement, a historically powerful precious-metals cycle that is pulling record volumes onto the platform, and a self-reinforcing tokenomics that recycles nearly all revenue into buybacks. In the short term, the $83.55 (Fib 1.618) target looks reachable, with an extension toward $98.47 if momentum holds.
The long-term case, however, depends on Hyperliquid’s ability to convert the U.S. regulatory opening into durable market share against regulated derivatives venues and saturated prediction markets. The coming quarters will reveal whether the current frenzy hardens into structural adoption or fades as another speculative episode in the crypto cycle.
Sources
- Cryptoast — Le HYPE d’Hyperliquid bondit de 25 %
- BeInCrypto — Hyperliquid : engouement record, nouvel objectif de prix
- DL News — Why HYPE token is surging amid a silver and gold trading frenzy
- CoinDesk — JPMorgan: Hyperliquid ETF inflows have stalled as competition mounts
- TradingView (Invezz) — Hyperliquid coverage
- PlusPower — How HYPE tokenomics differs from exchange tokens
This article is for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
