HYPE (Hyperliquid) up 16.25% in the past 24 hours

Gate News Bot Message, January 27th, according to CoinMarketCap data, at press time, HYPE (Hyperliquid) is trading at $25.85, up 16.25% in the past 24 hours, with a high of $25.86 and a low of $20.53. The 24-hour trading volume reached $359 million. The current market capitalization is approximately $7.808 billion, an increase of $1.092 billion from yesterday.

Hyperliquid is a high-performance public chain built specifically for financial scenarios, dedicated to eliminating fragmentation in the crypto market. Users can build projects, create value, and trade assets on the same ultra-high-performance chain. Its flagship application is a decentralized exchange supporting zero gas fees and low trading fees, offering up to 40x leverage trading, with a complete on-chain order book, trading, and clearing mechanism. HYPE is the native token of Hyperliquid L1, enabling network ownership, governance, and security through this token. The community is prioritized, with no investors, no paid market makers, and no company fees.

Important recent news about HYPE:

1️⃣ Boom in ecological applications drives platform trading to new highs The open interest of perpetual contracts on the Hyperliquid platform has reached $7.42 billion, accounting for 48% of the total on major Perp DEXs, nearly equal to the combined total of other platforms. The decentralized perpetual contract exchange deployed via HIP-3 mechanism has seen open interest surpass $790 million, a new historical high, driven by a commodities trading boom. Additionally, contracts for commodities such as gold, silver, and copper have entered the top ten on the platform, with 24-hour trading volumes of $72.42 million, $193 million, and $51.35 million respectively, demonstrating diversified development of ecological applications.

2️⃣ Whale holdings show clear advantage for bears The total whale holdings on Hyperliquid amount to $5.672 billion, with long positions accounting for 47.15% and short positions for 52.85%, with a long-to-short ratio of 0.89. Long holders are experiencing an unrealized loss of $275 million, while short holders have an unrealized profit of $356 million, with the bearish profit effect continuing to expand. Some major short addresses are still increasing their positions; for example, the top BTC short address has accumulated shorts worth $246 million, with an unrealized profit of $5.12 million. This market structure reflects cautious attitudes among institutional investors regarding short-term trends.

3️⃣ Recent token unlock pressure is set to be released Hyperliquid will unlock approximately 9.92 million HYPE tokens at 07:00 Beijing time on January 29th, worth about $218 million. Meanwhile, since early December, Hyperliquid Strategies has accumulated a total of 3,071,560 HYPE, currently valued at about $67.6 million, with roughly half purchased OTC from the Hyperliquid team wallet. This indicates continued institutional confidence in the ecosystem’s development. Additionally, large spot trades of HYPE have been active recently (including Galaxy Digital OTC inflow of 465,000 HYPE), suggesting the market has preemptively absorbed the upcoming unlock event.

This rally is supported by record-high platform trading activity and ecosystem expansion, but factors such as the clear advantage of whale short positions, increasing unrealized profits, and the upcoming unlock event require ongoing attention.

This message is not investment advice. Please be aware of market volatility risks.