Crypto markets endured further pressure this week as the sell-off spread to some of the industry’s largest digital asset treasuries (DATs). As of Friday, Bitcoin (BTC) had slipped back below $60,000 for the first time since 2024, Ethereum (ETH) was trading around $1,550, and Hyperliquid (HYPE) was near $57.
While the declines weighed on the broader market, the impact has been most visible in the large treasury companies associated with BTC and ETH—specifically Strategy (MSTR) and Bitmine (BMNR).
Hyperliquid Strategies (PURR), however, has continued to post gains on an unrealized basis, highlighting how its performance still outpaces the market’s major benchmarks.
Hyperliquid Strategies Avoids The Worst With $1.2B GainsAccording to Artemis data, Strategy and Bitmine are carrying significant unrealized losses of about $12.8 billion and $10.3 billion, respectively. In contrast, Hyperliquid Strategies is positioned differently.
In practical terms, that means the stress seen across most crypto-linked balance sheets has not hit Hyperliquid in the same way, even as prices pulled back sharply elsewhere.
The pattern is consistent: as BTC and ETH retrace, companies concentrated in those assets tend to reflect the decline in their mark-to-market or unrealized reporting.
Weekly BTC, ETH Pullback Hits MSTR, BMNR StocksBitcoin’s move has been particularly notable on the weekly chart. The asset recorded a major 20% retrace on the weekly time frame, and that broader drop has filtered down to equities and crypto proxies as well.
Hyperliquid’s native token, HYPE, saw its own sharp decline during the same period, dropping 14%. Even with that pullback, Hyperliquid Strategies’ PURR price showed comparatively limited movement, with only a 1.2% retrace to $8.3 for the current trading session.
Featured image created with OpenArt; chart from TradingView.com
