Hyperliquid's HYPE traded near $42.78 on Friday, posting a modest daily gain. The token moved within a narrow range between $42.06 and $43.06 in the past day, while weekly trading stayed between $40.75 and $44.65, reflecting steady accumulation instead of sharp speculative swings. Derivatives activity and ecosystem expansion continued to support demand across the network.
Hyperliquid Strategies Holdings and Financials
Hyperliquid Strategies Inc., one of the largest HYPE holders, reported nearly $152.5 million in first-quarter net profit, driven mainly by gains from its HYPE position. However, the company also disclosed a nine-month net loss of roughly $165 million after unrealized valuation changes and tax-related adjustments. Despite earnings volatility, the firm continued expanding its HYPE exposure, currently holding about 20 million HYPE tokens with over $220 million invested. The company maintains more than $100 million in cash reserves and operates with zero debt, underscoring its long-term commitment to the ecosystem.
HIP 3 Upgrade and Multi-Asset Derivatives
Growth on Hyperliquid accelerated following the HIP 3 upgrade. Open interest linked to the upgrade climbed to nearly $1.43 billion, while total derivatives open interest across the platform approached $1.75 billion. Notably, a growing share of activity now comes from tokenized assets tied to oil, gold, and equities, rather than crypto-only trading pairs. This shift signals the platform's expansion beyond pure crypto derivatives into commodities and equity markets.
Buybacks and Burns Tighten Supply
Supply reduction mechanisms have been a major factor supporting HYPE sentiment. Recent protocol updates removed over 45 million HYPE tokens through buybacks and burns, reducing circulating supply over time. The upcoming HIP 4 upgrade is expected to direct additional trading fees toward future buyback activity. Weekly protocol revenue reached nearly $11.58 million, while total value locked on Hyperliquid climbed toward $5.42 billion. Analysts said steady capital inflows and rising derivatives participation continued strengthening confidence. Traders noted that holding above the accumulation range could preserve the upward structure.
Technical Levels in Focus
Market indicators showed stable momentum: the Relative Strength Index stood at 57.61, indicating sustained buying activity without overheated conditions. The MACD trend remained positive, with traders watching the key support zone between $43.50 and $43.60. Analysts now see resistance near $45.70 as the next major hurdle before a bullish push targets the $50 region.