Hyperliquid's HYPE Jumps 21%, Returns to Top-10 Crypto by Market Cap

Hyperliquid (HYPE) surged more than 20% over the past 24 hours, lifting the token back into the top 10 cryptocurrencies by market capitalization as it rallied to around $47. The move helped HYPE claw back most of the losses posted over the last month. Market data show a sharp pickup in derivatives activity. Coinglass reported HYPE futures open interest climbed 26% to $1.96 billion. Blockchain analytics firm Lookonchain also pointed to an increase in leveraged long positioning among large traders. Wallet 0x535e opened a 10x long on 145,310 HYPE valued at about $6.78 million, with liquidation near $44.53. Wallet 0xc77b initiated a separate 10x long involving 100,000 HYPE worth roughly $4.66 million, with liquidation around $42.58. A third wallet, 0xe7ec, established a 5x long on 92,015 HYPE, valued at about $4.3 million, with liquidation near $36.94. The rally also coincided with a Coinbase announcement expanding support for USD Coin (USDC) on Hyperliquid DEX. Coinbase said it will serve as the official treasury deployer under Hyperliquid's Aligned Quote Asset (AQA) framework, aiming to strengthen USDC's position as a primary stablecoin in on-chain capital markets. The exchange said concentrating liquidity around USDC could improve market efficiency, reduce conversion friction, and enable faster capital movement across trading venues. Users will continue to access USDC through Coinbase's fiat infrastructure and its global payments network. The AQA framework was initially introduced by Native Markets to build a stablecoin ecosystem for Hyperliquid users. With HYPE's market cap rising to about $11.75 billion, the token re-entered the top 10, edging past Cardano. Technical analysts urged caution after the sharp move. Ali Martinez said the TD Sequential indicator, which previously flagged HYPE's rebound from around $22 to $44, is now flashing a sell signal. He cited potential downside targets at $36 and $33 as profit-taking risk builds. Crypto Patel also maintained a bearish short-term view, pointing to a wedge formation and the possibility of rejection near the $46 area. He said $46 is acting as daily resistance, with $33 marked as the first major reaction zone and $30 highlighted as a stronger area of interest if downside pressure persists.