Hyperliquid (HYPE) attempts to recover the $50 level after renewed interest from whales and a recent buyback. If the token breaks above $50, even higher levels are expected.
Hyperliquid (HYPE) moved closer to the $50 range, though the price level still serves as resistance. HYPE traded at $49.55, moving independently of the general market correction.
The token sees increased activity on derivative markets, with open interest now above $1.9B. The asset sees increased trading interest, despite the overall drop in mindshare on social media.
Based on Messari data, HYPE mindshare fell by nearly 30% in the past two weeks. At the same time, sentiment shifted from neutral to bullish. HYPE showed that quiet accumulation and trading may also happen without peak social media exposure.
Additionally, some of the mindshare for Hyperliquid came from the wave of liquidations on October 10-11, when the perpetual futures DEX had to explain its liquidation mechanism. Currently, HYPE is trading quietly, with no dramatic events.
HYPE orders are growing
Recent data showed the size of HYPE orders is growing, indicating expanded whale interest. HYPE is a token that strongly encourages long-term holding, and has utility within the Hyperliquid ecosystem. Additionally, holding HYPE or staking is used in point farming programs. Based on CryptoQuant data, HYPE also sees an inflow of large whale orders.
Since the middle of October, both spot and futures order sizes increased. Spot whales used the temporary dip to obtain more HYPE, while derivative traders saw a clear direction for the token.
HYPE is currently the most bullish position on Hyperliquid following BTC and ETH, with over 70% of whales longing the token. The biggest short order valued at over $68M is currently sustaining a loss of $10.59M, though the whale may continue to hold while receiving positive funding for the short position.
Whales going long are in the money, but they have to pay significant negative funding fees for their bet.
HYPE gets a boost from another token burn
HYPE burns moved to a higher baseline since September. The burns have reached up to $3M per day, with around 540K annualized burn. So far, the chain has only burned 0.04% of its supply, but short-term large burns have an effect on the price.
The current HYPE rally may meet more resistance after November 29, which will kick off another period of linear unlocks. The expected value to be absorbed by the market will be around $10M daily.
As of October 2025, 31% of the HYPE available is officially unlocked, but up to 45% of the allocations are untracked or have unavailable information. Despite this, HYPE has mostly expanded, based on Hyperliquid demand and activity.
Hyperliquid is also boosting HYPE with generally increased activity. Open interest on the DEX recovered from lows of $6.6B up to current levels of $9.4B, with $3.3B in open interest for BTC. The market is still below its previous open interest peak of over $15B before the October 10-11 liquidations.
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