Hyperliquid's native token HYPE has surged 101% year-to-date while Bitcoin is down 12% over the same period, highlighting a decoupling that Wall Street is starting to pay close attention to.
Hyperliquid is not a crypto app. It's a super app.
It's not targeting the $3 trillion crypto economy. It's targeting the $600 trillion global asset market.
The market is treating Bitcoin and HYPE as two completely different trades, according to Matthew Pinnock, COO at Altura DeFi. “Bitcoin is increasingly behaving like a macro reserve asset, so price action is heavily tied to Fed rates, ETF flows, and broader liquidity conditions,” he told Decrypt.
On the other hand, HYPE is being priced more like “high-growth financial infrastructure,” with the exchange “absorbing volume across perpetuals, commodities, equities, and broader tokenized macro markets at a pace the market did not expect this early.”
Key Hyperliquid driversWild: Hyperliquid has pulled in $255M of revenue YTD more than the next two apps combined, and roughly a third of all revenue across the top 10.
The decoupling comes down to product dominance, Andri Fauzan Adziima, research lead at Bitrue Research Institute, told Decrypt, attributing HYPE’s performance to the tokenization perps, including the S&P 500, oil, and commodities, which have grown considerably over the past few weeks amid geopolitical turbulence. “This TradFi rotation and permissionless market creation give HYPE its own independent demand engine.”
Hyperliquid’s HIP-3 and IPOsAdziima expects the momentum to continue, pushing the token to $55-65, fueled by “RWA momentum and ETF inflows.” His long-term outlook envisions Hyperliquid as a “decentralized super app” for global assets, with “multi-billion-dollar annual revenue potential.”
