Hyperliquid’s HYPE token has bucked the broader market sentiment, rising more than 7% in the past 24 hours, even as Bitcoin and gold suffered declines throughout the week. The decline in Bitcoin and gold is believed to be due to profit-taking across the market.
The HYPE token maintained its growth amid the broader market bearish mood following its reverse merger with Rorschach I LLC, a private company valued at $888 million that created Sonnet Bio Therapeutics and Hyperliquid Strategies Inc. (HSI). The newly formed company will manage the digital asset vault and acquire more HYPE tokens.
HYPE Token Soars Over 7% Today While Bitcoin Falls Over 2% This Week
Based on CoinMarketCap dataHyperliquid’s native token HYPE is up over 7% today, trading at $37.24, which represents a 7.25% rise in the past 24 hours at the time of publication. On the other hand, Bitcoin depressed After falling 2.07% this week, it has struggled with a positive change of 0.33% today and is trading at $108,848.27 at the time of publication.
The bearish sentiment has also caught up with gold, which suddenly fell this week after a period of bullish momentum. Metal prices have fallen more than 5% this week and continued down 0.2% today..
According to filing Hyperliquid Strategies Inc., which filed with the SEC on Oct. 22, plans to launch a digital asset finance platform valued at approximately $583 million at HYPE. The company plans to raise an additional $1 billion through the issuance of 160 million new shares. A portion of the funds will be used to purchase additional HYPE tokens. Shivam Thakral, CEO of BuyUCoin, pointed out that when a digital asset vault buys a significant amount of assets, it is a bullish signal as institutional investors tend to hold for a longer period of time than retail investors, which provides stability and long-term confidence.
Institutional investors are significantly increasing their exposure to DeFi projects through Bitcoin and Ethereum ETFs, primarily in pursuit of yield and diversification. According to a recent Cryptopolitan report, BTC and ETH ETFs are experiencing continued outflows, which may be contributing to the current bearish sentiment surrounding them. token.
SoSoValue data According to the U.S. BTC ETF, approximately $101.29 million has been outflowed as of today, and the U.S. ETH ETF has seen $18.77 million outflow. Despite this, trading volumes remain strong, suggesting investors are reallocating funds to more flexible alternatives.
Hyperliquid Strategies merger increases HYPE’s organizational attractiveness
Hyperliquid Strategies Inc. (HSI) is touting Hyperliquid’s perpetual futures model, which allows investors to speculate with leverage while maintaining custody of their tokens. This approach leverages the centralized efficiency and transparency of blockchain.
HYPE continues to receive validation from other established DeFi infrastructures. For example, earlier this month, the MetaMask exchange added native support for Hyperliquid swaps. This expands HYPE’s accessibility by allowing users to trade directly from their wallets. The latest merger involving Sonnet Bio Therapeutics and Rorschach I LLC could deepen institutional validation of the ecosystem and transform Hyperliquid into a recognized institutional trading venue.
Amid HYPE’s growth, BNB chain Astor has lost more than 40% of its value this month. Aster remained in contention as one of the best performing DEX tokens and provided competition to HYPE. The token peaked at nearly $2.5 last month but has since fallen, losing 42% of its value this month and 4.5% today alone. trading For $1.
The Ethereum token has fallen more than 7% this month and is currently trading below its September high of $4,000. The token has been volatile, holding a positive change of 0.33% over the past 24 hours. trading Price at time of publication is $3,881.14. The token market cap also fell below $500 million, with trading volume of just $467 billion and sustained average daily volume of $42.62 billion.
