HYPE Falls Despite Hyperliquid’s Record Growth and SEC Talks

Hyperliquid’s native token HYPE faced selling pressure on Saturday, trading at approximately $59.16, down over 2.4% in the last 24 hours and 11.7% over the past week. 

According to CoinMarketCap, the token’s market capitalization stood at $14.96 billion. The price movement reflects broader market volatility despite the platform achieving operational and regulatory developments in recent days. 

After reaching an all-time high near $76.85 in mid-June, the token has corrected sharply amid broader market consolidation.

Hyperliquid continues ecosystem expansion

The price decline comes even as Hyperliquid continues to achieve major changes this month. On July 13, the platform’s total open interest reached $11.07 billion, its highest level of 2026. 

This surge was largely driven by tokenized equities and commodities under the HIP-3 markets, which contributed roughly $3.69 billion as Real-World Asset (RWA) trading hit record highs. Open interest posted a healthy 9.71% weekly increase, with 30-day figures climbing to $288.294 billion.

Further highlighting activity on the platform, Hyperliquid recorded a new all-time high of 305,508 open positions on July 6. 

On the regulatory front, Hyperliquid made progress on July 14 when representatives from the Hyperliquid Policy Center, Highland Labs, XYZ Ltd., and law firm Sullivan & Cromwell met with the U.S. Securities and Exchange Commission’s Crypto Task Force. 

The closed-door meeting focused on regulatory approaches for digital assets in the United States, reflecting the platform’s engagement with policymakers.

Token declines despite positive developments

Despite on-chain growth and regulatory outreach, HYPE’s price weakness exposes the disconnect between Hyperliquid’s fundamentals and token performance. 

The token’s decline has come even as Hyperliquid reported record derivatives activity, expanding RWA markets, and engagement with U.S. regulators, suggesting that broader market conditions have outweighed recent ecosystem developments in the short term.

HYPE remains well below its mid-June all-time high, while investors continue to monitor whether continued platform growth and future regulatory developments translate into renewed momentum for the token.

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