Crypto23 May, 20263 min read
Hyperliquid HYPE Token Surges as HIP-3 Lets Stakers Create Markets for Non-Crypto Assets
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
HYPE token hits a new all-time high amid renewed altcoin risk appetite. HIP-3 upgrade enables stakers to create markets for non-crypto assets.
HYPE rally and HIP-3
Hyperliquid’s HYPE token surged as the platform expanded beyond crypto-only trading, with CoinDesk citing that the rally “ha superato il mercato del token HYPE di Hyperliquid” and Reuters-style market framing that the move reflects “la convergenza di tutte le classi di asset sotto il megatrend della tokenizzazione.” CoinDesk reported that Hyunsu Jung, CEO of Hyperion DeFi, said the rally is tied to Hyperliquid’s HIP-3 change launched in October 2025, which lets anyone staking 500.000 token HYPE create freely markets for non-crypto assets. CoinDesk also said Hyunsu noted that “Entro soli 3 mesi da questo aggiornamento” Hyperliquid’s HIP-3 markets reached “oltre 1 miliardo di dollari in Open Interest” and “circa 25 miliardi di dollari in volume di trading totale.”
In the same CoinDesk account, the deflationary model behind the price move was described as Hyperliquid burning HYPE using protocol fees, with Hyunsu saying “fino al 97% dei ricavi delle commissioni” is used to buy back HYPE and remove coins from circulation. Criptovaluta.it added a separate weekly framing, saying HYPE was “attualmente quota 34,15 USDT” and that the weekly rise was “+53,30%,” while also tying the move to HIP-3 and commodities like gold and silver.
ETF launches and trader view
A different angle on the same Hyperliquid surge came from CoinDesk’s Markets Outlook coverage, where Michael van de Poppe said the rotation into higher-risk assets is visible in Hyperliquid’s performance and in AI-focused crypto projects. In that CoinDesk framing, van de Poppe said, “HYPE could rise to $100 or more if crypto market appetite continues to strengthen,” and he also argued that European traders have increasingly moved to Hyperliquid because “perpetual futures trading remains difficult to access on many regulated venues in Europe.” Bitget’s repost of the same CoinDesk segment added that Hyperliquid’s HYPE token hit a new all-time high after “two HYPE ETFs launched in the U.S.” and described van de Poppe’s view that Hyperliquid is a short-term winner while Solana is the stronger long-term conviction bet.
Criptovaluta.it’s analysis, meanwhile, laid out a technical path for HYPE on its “weekly 28 gennaio 2026” chart, stating that after a support break around “34,50$” the price later reached a “massimo storico a 59,40$” before the current acceleration. It also projected upside levels, writing that the first target sits at “36,50$” and the next resistance “principale” remains “posizionata in area 41$,” while noting a daily breakout objective toward “36,50$.”
Institutional rotation and outlook
Institutional activity around Hyperliquid was described by MarketForces Africa as Goldman Sachs exiting XRP and Solana ETF positions and then buying Hyperliquid-linked shares, with the outlet citing Goldman’s Q1 2026 13F filing with the U.S. Securities and Exchange Commission.
MarketForces Africa said Goldman Sachs “has completed its exit from positions in XRP and Solana exchange-traded funds (ETFs)” and that it “purchased 654,630 shares of Hyperliquid Strategies Inc. (ticker: PURR),” valuing the purchase at “about $3.3 million.”
The same MarketForces Africa account said Goldman continues to hold “more than $700 million in Bitcoin ETFs” and “approximately $114 million in Ethereum ETFs,” while framing the Hyperliquid move as reallocating capital into newly available products.
CoinDesk’s longer narrative also tied Hyperliquid’s expansion to a broader tokenization trend, with Hyunsu saying the system is “un meccanismo deflazionistico che non si trova in nessun altro ecosistema blockchain” and describing 24/7 markets as enabling traders to react to global events.
Finally, the macro backdrop in CoinDesk’s related text referenced a Trump statement about a peace agreement, quoting that “An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries,” and adding that “the Strait of Hormuz will be reopened.”