CoinMarketCap Head of Research Alice Liu said on Cointelegraph’s Trade Secrets program that Bitcoin may already have found its bottom and is unlikely to revisit the lows that defined much of the year in the near term. Liu pointed to Bitcoin’s drop to about $59,000 in June, which she said marked a roughly 53% decline from its October all-time high of $126,100. By early September, Bitcoin had climbed to $81,600, up about 28% since mid-August, helping push CoinMarketCap’s Fear and Greed Index back into greed territory.
Liu also discussed Hyperliquid, arguing that network activity does not automatically translate into token price performance. She said RWA perpetual trading tied to tokenized stocks, ETFs and indexes had mainly taken place on Hyperliquid over the past two months, but volume and liquidity shifted quickly after Binance launched its own RWA perpetual products. Binance now holds about 50% of that market, she said, while Hyperliquid still leads within the DEX segment. Liu added that HYPE recently reached a record high of $86 and that Hyperliquid has spent more than $400 million on token buybacks, with part of the token’s momentum supported by those purchases. She said the key issue to watch is whether network revenue can continue to fund the buybacks.
Bitcoin may already have found a bottom and is unlikely to return to the lows seen through much of the year anytime soon, according to CoinMarketCap Head of Research Alice Liu, who spoke on Cointelegraph’s Trade Secrets program.
Bitcoin rebound lifted sentiment gauges
Liu said Bitcoin fell to about $59,000 in June, down roughly 53% from its October all-time high of $126,100. In early September, the asset briefly reached $81,600, a gain of about 28% from mid-August. That move helped push CoinMarketCap’s Fear and Greed Index back into greed territory.
Hyperliquid activity has not translated directly into token pricing
On Hyperliquid, Liu said network activity does not necessarily convert into token price gains. She said RWA perpetual trading linked to tokenized stocks, ETFs and indexes had previously been concentrated on Hyperliquid over the past two months. After Binance launched RWA perpetual contracts, however, trading volume and liquidity moved quickly, with Binance taking about 50% of the market.
Even so, Liu said Hyperliquid remains ahead in the DEX segment.
Buybacks remain central to HYPE price support
HYPE recently hit a record high of $86. Liu said Hyperliquid has spent more than $400 million on token buybacks, and that part of the token’s price momentum has been supported by those purchases.
She added that HYPE’s price still depends on continued network revenue inflows to sustain the buyback program, making that the key point to watch.
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