Hyperliquid (HYPE) Reaches All-Time High as Open Interest Surges to $9 Billion
Hyperliquid's native token #HYPE reached an all-time high of $37.44, with a market cap surpassing $12 billion. Currently, HYPE trades at $35.96, reflecting a 17.20% increase in the last 24 hours.
Institutional Activity and Open Interest Growth
- Open interest on Hyperliquid hit a record $9.2 billion, up from $8 billion two days earlier.
- The surge coincided with Bitcoin's price exceeding $111,800, raising total crypto market capitalization to over $3.6 trillion.
- BTC derivatives accounted for $4.2 billion of Hyperliquid’s open interest.
- A trader known as “moonpig” established a $1 billion BTC long position at 40x leverage.
- Ethereum ranked second in open interest contributions with $1.3 billion.
Hyperliquid's daily trading volume reached $11.5 billion, generating $3.4 million in revenue.
Price Action and Technical Analysis
HYPE has increased by 814% since November 2024. The Relative Strength Index (RSI) is at 84.09, indicating potential short-term overbought conditions.
- Key Fibonacci levels:
- $33.21 - 1.618 Fib level, already surpassed
- $43.29 - 2.618 key resistance
- $53.37 and $59.60 - potential medium-term targets
- Support levels identified at $24.82 and $23.31 for potential buying opportunities.
Regulatory Engagement Initiatives
Hyperliquid Labs engaged with the US CFTC on regulatory proposals regarding perpetual swaps, advocating for decentralized finance as a more efficient financial system.
Overall, Hyperliquid demonstrates significant activity and growth amid increasing regulatory discussions in the DeFi space.