While the cryptocurrency market is generally sluggish, the HYPE token from the Hyperliquid platform has seen an impressive 60% surge in recent days. How can this early-year surge be explained?
The HYPE token surges 60%: Is the specter of token unlocks fading?
Since its launch, the Hyperliquid perpetuals platform has been shaking up the decentralized finance (DeFi) and cryptocurrency trading sectors by establishing itself as a clear competitor to the industry’s centralized exchanges (CEX), with a market now considered “the most liquid for perpetual contracts on TradFi assets,” according to its founder and CEO, Jeff Yan.
However, this success has been significantly eroded in recent months, with the price of HYPE plummeting by over 65% from its September peak just below the symbolic $60 mark. The reason: the specter of a massive token unlock scheduled for early January, which raised fears of significant selling pressure.
However, the situation appears quite different as January draws to a close, with a 60% surge over the past few days emerging as the market’s counter-response.
Hyperliquid’s HYPE token surges 60% in recent days
And for good reason: investor fears have ultimately “proved to be unfounded,” according to a comprehensive analysis published by Ericonomic on the X network, following what he describes as “one of the biggest sources of confusion surrounding HYPE.”
Most trackers still report 9.9 million HYPE tokens unlocked each month, which has led many market participants to assume a constant monthly selling pressure of around $200 million. This assumption has proven incorrect. Unlocked does not mean distributed. Distributed does not mean sold. And sold does not mean they are sold on the open market.
Eroconomic
And for good reason: investors’ fears have ultimately “proved incorrect,” according to the comprehensive analysis published by Ericonomic on the X network, following what he describes as “one of the biggest sources of confusion surrounding HYPE.”
Most trackers still report 9.9 million HYPE unlocked each month, which has led many market participants to assume a constant monthly selling pressure of around $200 million. This assumption has proven incorrect. Unlocked does not mean distributed. Distributed does not mean sold. And sold does not mean they are sold on the open market.
Eroconomic
Open interest on HIP-3 skyrocketing
At the same time, activity on the Hyperliquid platform is currently picking up again, following a notable decline in the final months of 2025.
The main cause of this resurgence in activity? Open interest (OI) in its HIP-3 market, which “is hitting new ATHs every week,” according to Hyperliquid’s official X account, currently totaling over $1 billion, up from $790 million on January 26… and $260 million one month ago.
HIP-3 open interest on Hyperliquid exceeds $1 billion
Activity “recently driven by a surge in commodities trading” that pushed its daily volume past the symbolic $2 billion mark on January 28, with 90% of that coming from TradeXYZ, the perpetual trading interface on Hyperliquid.
A situation that seems to excite analysts at Tom Lee’s investment fund, Fundstrat, in light of what they describe as “an evolution beyond a simple crypto platform toward a broader on-chain market infrastructure.”
Hyperliquid’s momentum could be more than just a crypto rally. With HIP-3 enabling multi-asset expansion and a weaker dollar acting as a tailwind, investors should focus on (…) its valuation as a broader market infrastructure rather than as a simple crypto beta. (…) Continued innovation and fundamental traction support keeping HYPE in our model portfolios.
Fundstrat
HYPE listing on Kraken and Coinbase
With these impressive results, Hyperliquid is undoubtedly establishing itself as a key platform in the crypto perpetual markets sector, to the point where its HYPE token is gaining access to certain leading exchanges—despite them being competitors.
Indeed, the cryptocurrency exchange Kraken has been offering HYPE trading since January 28 to support the development of “the blockchain that will house all of finance” established by Hyperliquid.
At the same time, the American giant Coinbase announced “the addition of Hyperliquid’s HYPE to its roadmap,” with a launch to be officially confirmed once “market-making support and sufficient technical infrastructure” are available.
