Key Notes
- Hyperliquid's open interest hit a record $9.2B as HYPE contracts rose in demand.
- HYPE jumped over 12% to a new ATH, breaking key Fibonacci levels with the RSI flashing overbought signals.
- Hyperliquid’s direct engagement with the CFTC marks a rare DeFi push for regulatory clarity and long-term legitimacy.
Hyperliquid’s native token HYPE $19.97 24h volatility: 5.4% Market cap: $6.67 B Vol. 24h: $206.60 M saw a massive jump in its open interest amid heightened trading activity, and significant regulatory engagement, hitting a new all-time high at $37.44 as its market cap shot past the $12 billion mark.
At the time of writing, HYPE trades at $35.96, up 17.20% in the past 24 hours, eyeing the $50 price tag in the near future.
Institutional-Scale Activity Drives Record Open Interest
Built on its own Layer 1 blockchain, Hyperliquid has rapidly gained traction among traders seeking high-performance, permissionless perpetuals.
This week, open interest (OI) on the platform hit an all-time high of $9.2 billion, up from $8 billion just two days prior, as per CoinGlass . This increase closely followed Bitcoin’s BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B new all-time high above $111,800, which pushed the overall crypto market capitalization past $3.6 trillion.
The bulk of Hyperliquid’s OI is driven by BTC derivatives, which accounted for $4.2 billion, over 40% of the platform’s total.
High-stakes trader “James Wynn,” known as “moonpig” on-chain, captured headlines after assembling a staggering $1 billion BTC long position at 40x leverage during the run-up, though he took partial profits as the market cooled.
Legendary!
Top trader @JamesWynnReal 's 40x leveraged long $BTC position has exceeded 10,000 $BTC , worth $1.1B!
Entry price: $108,084.3
Liquidation price: $103,640
Unrealized profit: $17.5M https://t.co/3YQUwD0T0V pic.twitter.com/dqruCTuxzp— Lookonchain (@lookonchain) May 21, 2025
Ethereum followed as the second-largest contributor with $1.3 billion in OI, while HYPE contracts raked in a substantial $748 million, placing third. Solana SOL $150.7 24h volatility: 2.6% Market cap: $78.04 B Vol. 24h: $3.80 B , XRP XRP $2.22 24h volatility: 0.8% Market cap: $129.99 B Vol. 24h: $2.17 B , and even meme coin Fartcoin FARTCOIN $1.20 24h volatility: 1.5% Market cap: $1.20 B Vol. 24h: $236.92 M also saw spikes in trading.
Overall, Hyperliquid’s trading volume jumped to $11.5 billion daily, with revenue reaching $3.4 million, according to DeFiLlama .
Price Action: HYPE Rockets to New All-Time Highs
From its November 2024 lows, HYPE has now exploded over 814%. The daily chart below paints a bullish continuation as the RSI (Relative Strength Index) currently sits at 84.09, firmly in overbought territory, suggesting short-term overheating.
However, this has historically accompanied strong breakouts during bullish cycles. A pullback to digest gains could be healthy before further upside.
HYPE Daily Chart with Fib Levels | Source: TradingView
Key Fibonacci extension levels derived from the $16.901 low to the $26.982 swing high now present major targets:
- 1.618 Fib level: $33.21 – already broken convincingly.
- 2.618 level: $43.29 – the next key resistance.
- 3.618 and 4.236 levels: $53.37 and $59.60 – potential medium-term targets if momentum sustains.
If profit-taking sets in, look for support near the 0.786 retracement level at $24.82 and the 0.618 level at $23.31. A dip into this range could be seen as a high-conviction buying opportunity by bulls.
Regulatory Engagement Signals Maturity
Adding fundamental strength to the rally, Hyperliquid Labs disclosed on Thursday that it had submitted formal comment letters to the US CFTC regarding regulatory proposals for perpetual swaps and 24/7 crypto markets.
The following post is from Hyperliquid Labs
Hyperliquid Labs is committed to the advancement of defi and its promise in delivering a more open, transparent, and efficient financial system for all. As a contributor to the Hyperliquid blockchain, we believe in defi’s ability not…
— Hyperliquid (@HyperliquidX) May 23, 2025
Regulatory outreach is a rarity in the DeFi space. Hyperliquid’s letters championed decentralized finance as a model for safer, more efficient markets and encouraged the CFTC to embrace decentralized infrastructure.
The team’s message was clear: DeFi protocols like Hyperliquid can meet, and even exceed, traditional financial standards when it comes to integrity, efficiency, and user protection.
Note: this is a sponsored message from our partners
HYPE Hits ATH, But All Eyes Are on $SUBBD Now
As HYPE hit a new all-time high, SUBBD ($SUBBD) is disrupting the $85 billion subscription-based content industry with an ambitious vision that fuses blockchain, artificial intelligence, and tokenized experiences to bring creators and fans closer than ever before.
By offering AI-powered tools and a native Web3 token economy, the platform is eliminating traditional friction points in the digital content world, while redefining fan engagement and creator autonomy.
Presale Information:
Current Price: $0.055475
Amount Raised: $482,723
Ticker: SUBBD
Blockchain: Ethereum
About $SUBBD
The $SUBBD token is at the heart of the ecosystem, powering seamless payments, unlocking premium content, and granting access to cutting-edge AI tools. So far, the project has already raised over $480K, showing strong early support from the community.
As a token holder, you can enjoy discounted subscriptions, 20% APY through staking, and the ability to boost or sponsor creators, helping them gain visibility while earning rewards. Creators can offer perks, leaderboard status, and exclusive access in return.
SUBBD’s staking system also allows fans to unlock behind-the-scenes footage, live streams, and unique creator experiences.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
