Gate News Bot Message, January 28th, according to CoinMarketCap data, as of press time, HYPE (Hyperliquid) is trading at $32.72, up 26.44% in the past 24 hours, with a high of $33.51 and a low of $20.53. The 24-hour trading volume reached $777 million. The current market capitalization is approximately $9.883 billion, an increase of $2.066 billion from yesterday.
Hyperliquid is an L1 blockchain dedicated to integrating the financial ecosystem, advocating for the construction of a unified high-performance chain to support all financial applications. Its flagship application is a decentralized exchange, featuring low fees (zero gas fees and low transaction costs), up to 40x leverage, fully transparent on-chain order book, seamless one-click trading, and more. The network block time is 0.07 seconds, with a maximum throughput of 200,000 TPS, and a daily trading volume of $6.9 billion. HYPE is the native token of the network, supporting community ownership, governance, and security rights. Following the “community first” philosophy, there are no investors, no paid market makers, and no company fees.
Important recent news about HYPE:
1️⃣ Commodity Futures Ecosystem Sparks Trading Boom to Record Highs
The HIP-3 mechanism has driven the decentralized perpetual contract market’s open interest to surpass $790 million, a new all-time high, more than tripling from $260 million a month ago. Metal contracts are exceptionally active, with silver contracts (SILVER) trading $1.102 billion in 24 hours, gold contracts (PAXG+GOLD) totaling $169 million, and copper contracts (COPPER) reaching $71.52 million in 24 hours. As global precious metal prices continue to rise, boosting safe-haven demand, these commodity derivatives markets have entered the platform’s top ten mainstream trading pairs. Hyperliquid’s total open interest has reached $8.12 billion, accounting for 48% of the total mainstream Perp DEX volume. The platform’s trading volume also remains industry-leading, with about $7.14 billion daily, making it one of the most liquid derivatives trading centers in the industry.
2️⃣ Token Deflation Mechanism and Whale Accumulation Provide Double Support
The protocol directs most trading fees to a buyback pool that continuously repurchases HYPE, with over $44 million in buybacks in the past 30 days. Additionally, when users pay fees with HYPE, the tokens are burned directly, creating a dual deflationary effect that tightens circulating supply. On-chain data shows several institutional whales are accelerating their positions, with over $10 million worth of HYPE transferred to private addresses in the past 24 hours, some through OTC channels for large trades. Major whale addresses have been building long positions with 5-10x leverage in the $25-$26 range, with one whale opening a long position of 84,900 HYPE at an average entry price of $26.15, indicating strong institutional confidence in the future market. Well-known traders like Huang Licheng are also continuously adding to their holdings, with total positions now valued at $20.8 million.
3️⃣ Market Selling Pressure Has Basically Released, Technical Reversal Looks Positive
The three main sources of previous token price suppression have largely subsided. Tornado Cash clusters hold about 4.4 million HYPE, but their daily liquidation scale is limited, with Wintermute market makers arbitraging and transferring to off-chain buyers like Resolv Labs, so actual market selling pressure is much lower than initially expected. Aggressive long leverage positions created at high levels of $45-$50 have been mostly liquidated, with remaining long liquidations below $15 totaling $150 million. The downward pressure from leverage has largely dissipated. Technical indicators show a clear reversal trend: price has broken out of a long-term descending wedge, MACD has formed a golden cross, RSI has risen above 60, and candlestick momentum has strengthened significantly, indicating robust buying power. If this momentum continues, the price may approach the $40 region.
This message is not investment advice; please be aware of market volatility risks.
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