Foreign media reports that Hyperliquid's token HYPE rose over 11% on May 29, continuing its upward trend after hitting a new high this week. Market attention is focused on two main themes: firstly, Grayscale's latest report has increased institutional discussion, and secondly, the simultaneous increase in trading volume and open interest in the futures market indicates that funds are still flowing in.
Grayscale report fuels increased attention
The report mentions that Grayscale recently described Hyperliquid as a potential "financial services giant," highlighting the protocol's rapid expansion in the perpetual contract business, its network effects, and the approximately $1.16 billion HYPE buyback. These statements have spread rapidly in the crypto market, reinforcing some traders' views on Hyperliquid's long-term positioning.
The article argues that this is one of the key factors behind HYPE's recent strong performance. Compared to altcoins that rely solely on hype and speculative themes, Hyperliquid is increasingly being regarded by investors as a leading protocol in the decentralized derivatives market.
Futures trading volume and open interest both increased.
Derivatives data also supports this surge. The report cites the latest market data, stating that Hyperliquid futures trading volume rose to over $5.39 billion in 24 hours, a single-day increase of over 11%; open interest rose to nearly $2.93 billion, an increase of over 14%.
- 24-hour futures trading volume: US$5.39 billion
- Open interest: close to $2.93 billion
- This round of intraday gains: over 11%
This data typically indicates that price increases are not solely driven by short covering, but rather by a continuous influx of new long positions. Meanwhile, funding rates remain positive, suggesting the market as a whole is still betting on higher prices.
Prices approaching the $65 area
Looking at the price action, HYPE entered an acceleration phase after breaking out in May, reaching an all-time high of around $65 this week. Since then, the price has not fallen significantly, instead consolidating in the $60-$63 range, currently hovering around $62.
The article argues that this sideways movement at high levels is more like a consolidation after an upward trend than a rapid exhaustion. The market's focus now shifts to whether HYPE can regain the $65 level. If this level is effectively broken, the price may continue to advance towards the $70 to $75 range.
If a short-term pullback occurs, the first support area mentioned in the report is between $53 and $54, while a deeper pullback could test the $47 to $50 range. Overall, foreign media believe that institutional narratives, derivatives activity, and price structure continue to collectively support HYPE's strong performance.
