Hyperliquid has emerged as a formidable player in the cryptocurrency space, recently surpassing Coinbase in notional trading volume, yet it faces challenges with its native HYPE token”s price volatility. According to analytics from Artemis, Hyperliquid”s notional trading volume for 2025 has reached an impressive $2.6 trillion, nearly double that of Coinbase, which recorded $1.4 trillion.
This significant increase in trading volume highlights the growing interest in decentralized exchanges, particularly for products like perpetual futures contracts. These contracts allow traders to speculate on price movements without the need to own the underlying asset, drawing in high-volume traders, especially in volatile market conditions.
Despite this growth, the HYPE token has seen a decline in price, currently around $30.15, down 5.7% in the last 24 hours. Analysts have noted a bearish continuation pattern, with the potential for further downside if selling pressure persists. Technical indicators suggest key resistance levels between $33 and $35, while support is identified around $24 to $22.
Recent whale activity has caught attention, with a significant deposit of 12.88 million USDC stablecoins into Hyperliquid. This deposit was utilized to open long positions on Ethereum (ETH) perpetual futures with substantial leverage. Such moves by high-net-worth traders indicate a level of confidence in Hyperliquid”s future growth potential despite current market fluctuations.
The HYPE token”s year-to-date performance has shown a 31.7% increase, contrasting sharply with Coinbase”s stock, which has fallen by 27% in the same timeframe. This divergence of 58.7% reflects a growing enthusiasm for decentralized trading platforms amid broader market challenges.
The potential launch of a HYPE exchange-traded fund (ETF) could also serve as a catalyst for price appreciation. In October 2025, investment firm 21Shares filed an S-1 form with the U.S. Securities and Exchange Commission, targeting the establishment of a Hyperliquid crypto ETF. The initial announcement resulted in a 2% price spike for HYPE within 24 hours, indicating strong market interest.
In summary, while Hyperliquid showcases significant trading activity, the HYPE token”s current volatility presents both challenges and opportunities for current and potential investors. As the decentralized exchange landscape evolves, market participants will be closely monitoring these developments.
