Hyperliquid Jumps 60% Alone as Cryptocurrencies Plunge, Bucking the Trend
Hyperliquid Jumps 60% Alone as Cryptocurrencies Plunge, Bucking the Trend
Even as Bitcoin plunged sharply and threatened the $60,000 level, Hyperliquid (HYPE) captured market attention by surging more than 60% on its own, propelled by a unique model that converts liquidation fees into revenue.
According to crypto news outlet BeInCrypto on February 6 (local time), while the total cryptocurrency market capitalization fell vertically from $3.2 trillion to $2.2 trillion, HYPE’s price jumped from $20.6 to $33.6. Internal growth drivers proved stronger than intense market-wide selling pressure. A surge in derivatives trading volume on the exchange supported asset value, as Hyperliquid absorbed substantial new capital by innovating the derivatives trading environment.
A paradoxical situation unfolded in which record liquidation volumes actually pushed HYPE’s price higher. Of the $2.6 billion in total liquidations over the past 24 hours, Hyperliquid accounted for $630 million. The platform generated $7.49 million in fees and $6.84 million in revenue, the highest level since the market crash last October. While most projects suffer revenue setbacks during downturns, Hyperliquid leveraged volatility as a source of income.
Profit-driven aggressive buybacks strengthened downside support. On the day of the market crash, Hyperliquid directly purchased 160,000 HYPE from the market. News of its listing on Coinbase also acted as a catalyst for institutional capital inflows. Improved accessibility for U.S. investors significantly enhanced liquidity conditions. The fact that Hyperliquid is not listed on Binance also helped it avoid cascading sell pressure.
Steven.hl, a strategist at Ujeom Capital, analyzed that the listing could likely serve as a precursor to the launch of a spot ETF. Analyst Thor assessed that liquidation activity generated massive fee revenues that drove the price higher. Platform credibility was further strengthened as Ripple Prime launched institutional services for Hyperliquid’s on-chain derivatives tools. Steven added that Hyperliquid’s proprietary ecosystem shines even more during market downturns.
However, the scheduled unlock of 9.92 million HYPE on February 6 is seen as a short-term variable. If pessimistic market sentiment persists, positive indicators could lose momentum. Currently, Hyperliquid is defending the $30 support level while exploring further upside. As it continues to serve as a refuge during market crashes, Hyperliquid is proving the value of its independent ecosystem. Investors are closely monitoring large token releases and overall market supply and demand conditions.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for any investment losses based on it. The content should be interpreted solely for informational purposes.*
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