Key Takeaways:
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HYPE rose 60% to $34.90, driven by institutional investor accumulation through Hyperliquid Strategies and lower selling after staking unlocks.
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Bearish liquidations of greater than $20 million and ARK Invest's bullish report fueled speculation, although volumes remained stagnant.
Hyperliquid (HYPE) rose to $34.90 on Wednesday, rising from $21.80 just two days earlier. The 60 percent rally triggered over $20 million in liquidations from bearish leveraged positions, fueling speculation of further gains toward $40. The move reportedly followed a publicly traded company specializing in reserves of digital assets, resulting in HYPE on its balance sheet, together with reduced selling pressure following the unlocking of huge shares.
This got here after users reported a HYPE accumulation of three.6 million initiated on December 12, 2025. The associated addresses were staked out of the HYPE tokens via Anchorage custody solutions a couple of hours after receipt.
Source: X/lukecannon727
The evaluation cites a further 460,000 HYPE transferred on Tuesday from OKX and Bybit and subsequently staked via Anchorage, consistent with Hyperliquid Strategies' operating methods. PURR, the Nasdaq-listed digital asset treasury firm, was formed through a merger with Rorschach, a SPAC sponsored by enterprise capital firms Paradigm and Atlas Merchant Capital.
Has Hyperliquid Turned Binance Around?
Some market participants attributed HYPE's price increases to a rise in Hyperliquid's on-chain activity, although synthetic perpetual volumes and costs didn’t show any significant changes. Likewise, hyperliquid open interest totaled $8.5 billion on Tuesday, unchanged from per week earlier. Aside from increased activity in silver contracts, there’s little evidence of a serious shift in hyperliquid usage.
Hyperliquid day by day fees and perpetual volumes, USD. Source: DefiLlama
Hyperliquid's official X account reported an all-time high in open interest on Monday, driven by a surge in synthetic commodity volumes. The information was reposted by Hyperliquid CEO Jeff Yan, who noted that Hyperliquid's Bitcoin futures liquidity has surpassed that of Binance. The evaluation included a snapshot comparing Binance and Hyperliquid’s BTC perpetual futures order books.
Source: X/chameleon_jeff
Yan’s evaluation suggested that Hyperliquid has develop into the epicenter for “crypto price discovery,” although this assumption ignores that Binance’s total open interest in BTC futures stands at $12.3 billion. The centralized exchange also offers monthly contracts and contracts settled in each BTC and Tether (USDT). In reality, the open interest in Binance BTC continues to be five times greater than that of Hyperliquid.
Previous HYPE selling pressure was attributed to Continue Capital, particularly after the fund manager reportedly sold 297,000 HYPE two weeks ago, in response to X user murda0x. Continue Capital's most up-to-date large stake unlock occurred on January twenty first and totaled 1.47 million HYPE. An additional 1.5 million HYPE were recently unlocked through wallets related to a “Tornado Cash cluster.”
A research report from ARK Invest released on January twenty second likely played a crucial role in piquing investor interest. The report described Hyperliquid as one among the “most revenue-efficient corporations on the planet,” using decentralized finance (DeFi) derivatives to directly compete with traditional exchanges. Analysts noted that blockchain networks are evolving into monetary assets depending on their utility.
HYPE's failure to keep up levels above $34 on Wednesday isn't necessarily a death sentence, but likelihood is that recent gains were on account of one-off events, resembling inflows from a digital asset reserve company and reduced selling pressure. While Hyperliquid's long-term fundamentals remain solid, there isn’t a clear evidence that $40 is the following logical step for the HYPE token.
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