Hyperliquid Rockets 20% To October High After Coinbase USDC Move

Hyperliquid (HYPE) (HYPE) jumped more than 20% in a single day to roughly $47, adding about $2 billion to its market capitalization.

HYPE Rally Hits $47 Peak

The token climbed to its highest level since October, lifting Hyperliquid close to the top 10 alts by market cap.

Coinbase appears to be the largest driver.

The exchange said it will become the official treasury deployer for USDC on Hyperliquid under the network's Aligned Quote Asset framework. The integration phases out the native USDH stablecoin issued by Native Markets.

The structure gives Coinbase the right to acquire USDH brand assets. It also directs most reserve yields from USDC supply back into Hyperliquid's ecosystem, primarily through buybacks of HYPE.

21Shares debuted its THYP exchange-traded fund on Tuesday with $1.8 million in first-day volume, the first US ETF tracking HYPE. Bitwise followed on May 15 with its BHYP product on the NYSE, the first US Hyperliquid ETF to run in-house staking. The Senate Banking Committee also voted 15-9 to advance the Clarity Act, adding tailwind across the broader crypto market.

Also Read: Clarity Act Clears Senate Banking Panel 15-9 In Crypto Industry Win

Analysts Flag Sell Signals

Not every trader sees clear skies. Analyst Ali Martinez pointed to a TD Sequential sell signal that previously caught HYPE's rebound from $22 to $44 over several months. Martinez said the same indicator now signals possible profit-taking, with downside targets of $36 or $33.

Crypto Patel offered a similar caution. The analyst sees $33 as the first meaningful reaction zone, with deeper liquidity sitting near $30 and $27. Patel said a break above $50 would invalidate the bearish setup.

Analyst GA Crypto put a number on it. The trader estimated a 20% chance HYPE clears the $59 all-time high reached in September 2025, and an 80% probability it drops first to gather lower liquidity.

HYPE Price Context

HYPE peaked at $59.37 on Sept. 18, 2025, before easing into a months-long range between roughly $30 and $47. The token consolidated near $40 for much of last week, then broke higher Thursday on the Coinbase and ETF news. The pattern of sharp rallies followed by retracements has been a recurring feature of HYPE since its Nov. 2024 debut, and the current setup leaves traders watching the $46 to $50 zone for the next directional cue.