Hyperliquid’s HYPE nears $60 with trading volume above $730M

Hyperliquid’s native token HYPE reached a new all-time high, nearing the $60 mark. According to market data, the price climbed to $59.30, supported by trading volumes exceeding $730 million. The rally comes in the context of a broader crypto market recovery.

The recent listing on BitGet and increased liquidity through BitGo integration contributed to the surge, strengthening HYPE’s position across major exchanges. As a result, the token is becoming less dependent on the native Hyperliquid platform.

According to Nansen’s analysis, whale activity remains divided, with more than 55% of large investors taking long positions, while the largest individual trade is an $86 million short. “Smart money” wallets committed around $86 million to long positions versus $40 million to shorts, while influencer wallets added $47 million in longs and $22 million in shorts.

USDC remains the primary collateral asset on Hyperliquid, while USDH will not be used for this purpose at the moment.