TLDR
- HYPE hit a new all-time high of $84.80, up around 5% in 24 hours
- Hyperliquid Strategies expanded its HYPE treasury to 29.3 million tokens after raising $646.6 million
- The AQAv2 reserve yield program now funds HYPE buybacks, potentially adding ~$182 million annually
- President Trump stated Hyperliquid could be available in the US soon, with the CFTC working on a compliant pathway
- Key resistance sits at $89.23, with $92.37 as the next Fibonacci target
HYPE is trading at around $85.33 after hitting an all-time high of $84.80 on Thursday. That marks its second record in seven days.
The rally follows a 40% weekly candle that broke through the old $77 resistance level. HYPE has since held $77 as support.
Hyperliquid Strategies, listed on Nasdaq under the ticker PURR, reported it now holds 29.3 million HYPE tokens in its treasury. The company raised $646.6 million through a committed equity facility during fiscal year 2026.
It deployed roughly $773.4 million in total, buying around 16.5 million HYPE at an average price of $46.77 per token. The treasury grew from 12.5 million tokens following the company’s merger.
The company reported net income of $305.5 million for the fiscal year. Unrealized HYPE gains accounted for $709.9 million of that figure.
PURR shares rose 19.64% to $13.83 after the earnings release.
Buyback Program and Regulatory Tailwind
On August 26, Hyperliquid activated its AQAv2 reserve yield program. Around 90% of cost-adjusted yield on $6.74 billion in USDC deposits now goes toward HYPE buybacks.
Hyperliquid Officially Activates "AQAv2" to Buy Back and Burn HYPE with USDC Reserve Yield
Hyperliquid announced the activation of its "AQAv2 (Aligned Quote Asset v2)" framework starting August 26, which directs yield generated from USDC reserves toward programmatic market… pic.twitter.com/3Np1YerhyX
— Wu Blockchain (@WuBlockchain) August 26, 2026
Under a 3% yield scenario, that equates to roughly $182 million per year. First distributions are scheduled for October 3.
On the regulatory front, President Trump said on August 20 that Hyperliquid could be available in the US soon. The CFTC is reportedly working on a compliant pathway for the platform.
Spot HYPE ETFs on Wall Street have also seen renewed inflows.
Network Activity and Technical Levels
Hyperliquid controls about 63% of decentralized perpetuals open interest and 9.4% of global derivatives activity. Perpetual volume hit $19.4 billion on August 21.
HIP-3 open interest crossed $4 billion in August, and RWA markets exceeded half of weekly volume during July.
On the charts, the nearest resistance is the upper Bollinger Band at $89.23. Above that, the 1.272 Fibonacci extension sits at $92.37.
The Money Flow Index stands at 91.42, above the overbought threshold of 80.
Is $HYPE Actually Setting Up For A Breakdown?
TBH, The HTF Structure Doesn’t Look Bullish To Me. This Doesn’t Look Like A Clean Bullish Pattern, It Looks More Like A Potential Trap To Pull Retail Into Longs Before A Sharp Distribution.
➡️ Below $79 → Bearish → $69 → $62 →… pic.twitter.com/ZhnuY7fTgR
— Crypto Patel (@CryptoPatel) August 26, 2026
Analyst Crypto Patel posted on August 26 that the higher timeframe structure does not look bullish to him. He described the setup as a potential trap to pull retail traders into long positions before a sharp distribution. He flagged $79 as a key support level, warning a break below could trigger a liquidity expansion to the downside toward $69, $62, and $58.
A $1.2 billion token unlock is due on August 29, with another scheduled a month later.
