HYPE reached $45 but the price of spot demand was delayed
Hyperliquid's native token HYPE (HYPE) retested $45 on Tuesday, marking its highest price since October 31, 2025. The rally extended a 108% rally from the annual low on January 21 at $21.
With HYPE prices pushing to all-time highs, market sentiment signals remain mixed as weak spot-buying activity slows the rally.
HYPE price trend and variation of onchain data
HYPE is currently trading 26 percent below its high of $59. The next liquidity zone is between $52 and $48 and could be reached if the momentum continues. However, the HYPE space and futures trading data suggest that the rally is not entirely based on guilt.
Spot Cumulative Volume Delta (CVD) gradually declined to -$41.48 million, despite price increases. This difference indicates that the rally is being supported by demand rather than by aggressive positions.
Meanwhile, CVD futures remained mostly flat after recovering from a low of around $748 million in the past month to -$900 million.
Open interest (OI) rose steadily to $1.38 billion, near local highs and reflecting increased market participation.
However, rising OI alongside weak CVD futures suggests that traders may be in positions without strong belief in a higher price trend.
As a result, the market may be more vulnerable to sharp, liquidity-driven moves after the bullish trend fades.
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BitMEX Founder Says HYPE May Gain 200% In August
In March, BitMEX co-founder Arthur Hayes said that if HyperLiquid expands its dominance in the futures market and product set, HYPE may reach $150.
Hayes' thesis focuses on the continued market share gained from centralized exchanges and increasing protocol revenues.
Hyperliquid's 30-day annualized revenue run reached $843 million in March, and should reach $1.4 billion in August. This represents a 66 percent increase in five months.
HyperLiquid allocates up to 97 percent of its revenue to buy HYPE from the open market, creating a direct link between trading activity and token demand.
HIP-3, a protocol upgrade that enables non-crypto assets to be traded as commodities, contributes nearly 10% of revenue and could lead to further expansion, especially as assets such as gold and oil become available on the platform.
RWA trading on Hyperliquid continues to hit new ATHs after a week, surpassing $2.3B in open interest pic.twitter.com/R9uDCAx3fo
— Hyperliquid (@HyperliquidX) April 6, 2026
Real world asset (RWA) trading activity on Hyperliquid also increased sharply, with open interest growing to $2.3 billion on April 6. This represents an increase of more than 190% from March levels and almost 800% from the prior years low.
This protocol's growth rate and market share gains could play a key role in any extended price movement.
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