Hyperliquid (HYPE) has moved against the broader market since the start of the year, supported by several internal and distinctive drivers. Analysts observe that liquidation losses have actually helped push HYPE’s price higher.
How long can HYPE continue to outperform the market? Several on-chain and market data points offer a more nuanced view.
While capital continues to flow out of the broader crypto market, Hyperliquid (HYPE) has attracted inflows. TradingView data shows that since mid-last month, the total crypto market capitalization has fallen from $3.2 trillion to $2.2 trillion. Over the same period, HYPE rose 60%, from $20.6 to $33.6.
This divergence suggests that HYPE’s internal catalysts have outweighed the market’s heavy selling pressure.
Recent reports from BeInCrypto attribute part of this momentum to a sharp surge in trading volume for HIP-3 futures contracts on Hyperliquid.
Grayscale Research highlights a boom in perpetual futures trading for non-crypto assets on Hyperliquid earlier this year. The platform recorded a seven-day average trading volume exceeding $900 million.
In addition, Ripple Prime has opened institutional access to Hyperliquid’s on-chain derivatives tools. This move supports liquidity and broader adoption.
Another development strengthened HYPE on February 5, a day marked by the most fearful market sentiment in a year. Coinbase officially enabled HYPE trading, leaving the token largely unaffected by the broader sell-off.
A listing on a major exchange like Coinbase boosted liquidity and demand. It attracted both institutional and retail investors. This allowed HYPE to absorb selling pressure and even extend gains while the market declined.
“Coinbase is listing HYPE! There are two nuances for this listing:
Some analysts add that HYPE’s absence from Binance may be an advantage. It may help the token avoid widespread sell-offs. Investor MartyParty notes that HYPE is the only Layer-1 asset not listed on Binance. As a result, it has avoided being pulled into this “liquidity hunt.”
Other analysts argue that HYPE’s price story runs deeper.
Coinglass data shows that out of more than $2.6 billion liquidated in 24 hours, Hyperliquid accounted for over $630 million. This figure was slightly lower than Bybit’s, but higher than Binance’s.
