Hyperliquid Tops 24-Hour Crypto Gains as Altcoins Outpace Bitcoin
The Hyperliquid HYPE token surges have been impossible to ignore on Friday. HYPE led all major cryptocurrencies over a 24-hour period, gaining 16% to trade near $45, even as Bitcoin remained below its 200-day moving average despite the Clarity Act advancing toward a Senate vote. At its peak, the price hit nearly $47, the highest level since October.
Two major catalysts are driving the move. The Bitwise Hyperliquid ETF officially began trading on the New York Stock Exchange under the ticker BHYP, giving investors direct spot exposure to HYPE and using Bitwise’s in-house staking infrastructure. The ETF charges a 0.34% sponsor fee, waived for one month on the first $500 million in assets. This follows closely on the heels of rival product THYP from 21Shares, which recorded more than $8 million in daily trading volume and $2.52 million in net inflows just two days after its own launch.
Alongside the ETF news, Coinbase announced it will become Hyperliquid’s official USDC treasury deployer under the Aligned Quote Asset framework, with native USDH stablecoin users able to redeem into USDC or fiat without fees. Together, these developments mark a significant step in institutional adoption for the decentralised exchange.
Hyperliquid has already established itself as the largest on-chain perpetual futures exchange in crypto, recently processing nearly $7.89 billion in daily trading volume while generating roughly $2.57 million in protocol fees within 24 hours. The platform’s pre-IPO asset CBRS, which tracked Thursday’s stock-market debut of AI chipmaker Cerebras, recorded more than $280 million in trading volume over the past 24 hours, making it the ninth-largest traded asset on the exchange.
Derivatives data reinforce the bullish picture. Hyperliquid’s open interest rose to 42.56 million tokens from 39.61 million, with positive CVD and funding rates pointing to strong bullish positioning. XRP also saw a pickup in futures activity, with open interest climbing to 2.11 billion tokens, the most since October 11, after the token climbed to a two-month high of $1.55 before pulling back slightly.
The Hyperliquid HYPE token surges are not happening in isolation. Flare Network’s FLR token gained 14% and Unibase’s UB rose 11%, making this a broad altcoin move rather than a single-token story. HYPE’s 24-hour trading volume surpassed $760 million as traders increased their positions.
Despite the strong rally, some technical analysts are beginning to watch for short-term profit-taking risks, with potential retracement levels cited at $36 and $33 should selling pressure accelerate. Still, investors increasingly appear to favour the actual utility of projects over simple correlation with Bitcoin, a shift that could mark a new phase of maturity for the crypto market.
Traditional markets offered little competition for attention. Gold dropped 2%, Treasury yields rose to 12-month highs, and the Dollar Index gained for a fourth consecutive day, yet crypto derivatives markets showed few signs of stress, keeping sentiment broadly optimistic heading into the weekend.
Glostarep had earlier reported that XRP and DOGE jumped 5% as Bitcoin reclaimed $81K after clarity act advances in U.S Senate
