HYPE Surges by 9% as BitMEX Co-founder Sets Target Price
Hyperliquid (HYPE) price climbed by 9.21% to $39.29 over 24h, outpacing a broader market rally driven by a macro-induced risk-on move.
A surge in hype aligned with a broad market rally, fueled by a US-Iran ceasefire announcement that eased inflation fears and sparked a short squeeze.
Supporting the momentum, Arthur Hayes, the co-founder of BitMEX, publicly stated on X that Hyperliquid’s HYPE token is “the only thing we’re buying right now.”
He reiterated his $150 price target for August 2026, citing Hyperliquid’s dominance as the highest-revenue decentralised perpetuals DEX and its aggressive buyback policy, which allocates 97% of platform fees to repurchasing HYPE.
On Wednesday, traders saw a 86% surge in HYPE trading volume to $356.6 million, confirming strong participation and conviction behind the price move.
The primary driver is a macro relief rally across the crypto market. Bitcoin surged 5.14% after US President Donald Trump announced a two-week suspension of military action against Iran, easing fears of disruptions to the Strait of Hormuz and of inflation.
This triggered a classic short squeeze, with $670 million in BTC shorts liquidated in 32 hours, lifting correlated assets like HYPE.
HYPE’s 24-hour trading volume jumped 86.03% to $356.6 million, significantly above its recent averages. This volume spike confirms the price move was backed by substantial capital flow, not a thin, illiquid pump.
The rally saw strong participation, increasing the odds that the new price level will hold in the near term. The immediate trend hinges on the geopolitical trigger. HYPE broke out of its recent range but faces overhead resistance near the $40 psychological level.
The momentum is bullish but event-dependent. A daily close above $40 on sustained volume could extend gains toward $42.
The key risk is a breakdown of the US-Iran truce, which would likely reverse the risk-on flows. HYPE’s surge is a leveraged bet on improved macro sentiment, confirmed by heavy volume. The move is more about market-wide risk appetite than coin-specific developments. XRP Price Rises after Ripple’s CEO Bullish Remark, ETF Rally
