HYPE continued its upward trend this week, briefly rising to $67.5 on May 29th, with a market capitalization exceeding $17 billion, briefly surpassing DOGE to enter the top ten crypto assets by market capitalization. The gains subsequently receded, falling back to approximately $64.5 at the time of writing, returning to tenth place.
The price has risen significantly since May.
According to the data in the article, HYPE has risen by about 70% since mid-May, more than tripling from its low of around $20 in February. The report attributes this surge to increased market attention and improved risk appetite resulting from ETF-related fund flows.
Hyperliquid's core business is on-chain perpetual contract trading. As the platform expands from crypto perpetual contracts to commodities, RWA-related contracts, pre-IPO trading, and prediction markets, market expectations for its business expansion are rising.
The first Bitcoin perpetual blockchain in the United States has been approved.
The report mentions that the U.S. Commodity Futures Trading Commission (CFTC) has approved Kalshi and Coinbase to launch the first Bitcoin perpetual futures product. Perpetual contracts, due to their ability to establish larger exposures with less capital, have long been one of the most concentrated sectors in terms of trading volume and open interest in the crypto derivatives market.
Because Hyperliquid's growth is highly dependent on its perpetual contract business, the market was once worried that the launch of similar products by regulated platforms in the United States could create more direct competition for it among American users.
The platform views this as a positive development.
However, Hyperliquid Policy Center, Hyperliquid's policy research arm, did not interpret this as negative. Its head, Jake Chervinsky, believes it's more like a first step before the US market opens up to DeFi perpetual contracts, rather than a direct threat to the platform.
Currently, this regulatory development primarily applies to centralized trading platforms and does not cover decentralized exchanges. In other words, compliant perpetual products in the US will first be launched on centralized platforms, but whether DeFi perpetual products can enter the US market remains to be seen.
Judging from price performance, the news did not weaken market buying. The article mentions that although HYPE prices retreated after reaching a new high, the market is still watching whether the $60 level can provide support.
