The Hyperliquid (HYPE) token trades at around $55, up roughly +5% in 24 hours, a bounce that still leaves it well off the highs that once made it one of crypto\u2019s standout performers. The uncomfortable truth is that the rally was never built on earnings power, and the market is now seemingly pricing that in.<\/p>\n
HYPE\u2019s price surge was engineered by concentrated treasury buying, not by accelerating DeFi revenue or expanding protocol fundamentals, and once that bid stopped, unwinding was inevitable.<\/p>\n
This drawback has left investors wondering whether HYPE really is the future of decentralized finance or if it will become the latest casualty in this brutal bear market, which has seen many utility-backed projects fall more than 90% from their all-time highs.<\/p>\n
Hyperliquid is about to unlock a whole new wave of American hedge funds.<\/p>\n
Lazersays explains how Perp platforms have mostly been fighting over the same crypto-native whales. <\/p>\n
And how Hyperliquid is bringing regulated perpetuals onshore to the US\u2014especially with the rise of Real\u2026 https:\/\/t.co\/8ch0QQS23l<\/a> pic.twitter.com\/RVWskdi3lh<\/a><\/p>\n \u2014 (@AlienW3b) August 4, 2026<\/a><\/p>\n\n Shaunda Devens, an analyst at Blockworks Research, identified Hyperliquid Strategies (PURR) as the main driver behind a significant increase in HYPE token prices.<\/p>\n PURR accumulated 11.12 million HYPE tokens, exceeding $100 million weekly, and holding nearly 10% of HYPE\u2019s circulating supply, making it the largest digital-asset treasury position in crypto by percentage of float.<\/p>\n Devens highlighted that the rally was influenced by PURR\u2019s buying campaign and the AQAv2 upgrade, which directs stablecoin reserve-yield revenue to fund HYPE buybacks.<\/p>\n This created artificial scarcity and price momentum, decoupling HYPE\u2019s price from its underlying business performance. As the accumulation was not fundamentally driven, she cautioned that traders would likely take profits once buying slowed.<\/p>\n\n (SOURCE: Yahoo Finance<\/a>)<\/p>\n The fundamental picture backing that skepticism is direct: Hyperliquid\u2019s July 2026 revenue came in at $43M, compared to $92 million in July 2025, a year-over-year decline of more than 50%, according to Devens\u2019 analysis. For a token whose valuation was partly premised on dominant market share in on-chain perpetuals trading, that revenue halving is a material reset.<\/p>\n The core business remains heavily tied to crypto market activity. When volumes compress across the broader derivatives landscape, Hyperliquid\u2019s fee generation compresses with it, and the protocol\u2019s DeFi revenue trajectory becomes the primary justification for where HYPE trades. At $52, Devens argued, valuation has returned to a more realistic level, though she stopped short of calling it a definitive floor.<\/p>\n Spot exchange flow data from CoinGlass<\/a> shows approximately $22.34M in net HYPE outflows from exchanges over the past 30 days. Coins leaving exchanges typically indicate holders moving assets to self-custody rather than preparing to sell \u2013 a pattern consistent with accumulation. The signal is narrow, however, and falls short of the sustained outflow magnitude needed to confirm a price floor is forming.<\/p>\n <\/a><\/p>\n My plan for $HYPE<\/a> in long-term<\/p>\n You can call me crazy if you want but remember I was shorted it at $74 and making 40% <\/p>\n A project having a good product doesn’t mean its price will be good too.<\/p>\n I’ve been investing in crypto for over 7 years and have seen many projects with good\u2026 pic.twitter.com\/Fd6ob1RoJN<\/a><\/p>\nHow the Hyperliquid Treasury Bid Drove the Rally<\/h2>\n
The Revenue Gap the Price Is Now Reflecting<\/h2>\n
What Comes Next for HYPE Price<\/h2>\n