TLDR
- Hyperliquid has burned about 49.87 million HYPE tokens, or 4.99% of its 1 billion maximum supply, worth roughly $3.89 billion.
- HYPE’s market cap has returned to $20 billion after a rise of about 5% in 24 hours.
- Kraken’s parent company, Payward, plans a regulated US perpetuals launch on Hyperliquid, pending approval.
- HYPE broke a month-long descending trendline but faces resistance at $81.
- Spot HYPE ETFs from Bitwise, Grayscale and 21Shares have had no net inflows since October 6.
Hyperliquid (HYPE) has burned close to 5% of its maximum token supply, and the price is testing a key resistance level. The token’s market cap has moved back above $20 billion after a gain of about 5% over the past 24 hours.
Wu Blockchain reported that Hyperliquid has bought back and burned about 49.87 million HYPE tokens in total. That equals 4.99% of the 1 billion maximum supply. At current prices, the burn is valued at roughly $3.89 billion.
Wu Blockchain’s post also said another 19,700 HYPE, worth $1.59 million, was burned over the past 24 hours. Estimated protocol fees reached $1.69 million in that period. Cumulative protocol revenue stands at about $1.38 billion.
Hyperliquid's HYPE Token Burns Near 5% of Maximum Supply, Worth $3.89 Billion
Hyperliquid has cumulatively bought back and burned approximately 49.87 million HYPE tokens, equivalent to 4.99% of its 1 billion maximum supply and valued at roughly $3.89 billion at current prices.… pic.twitter.com/z736YxGlZz
— Wu Blockchain (@WuBlockchain) October 29, 2026
What Is Driving the Price
News from Payward, the parent company of Kraken, appears to be the main driver of the recent gain. The company plans to launch a regulated US perpetuals product on Hyperliquid. It would run through Bitnomial and Ninja Trader Clearing, but it still needs approval.
Large investors have also been active. Onchain Lens data shows a whale bought more than 123,000 HYPE, valued at $10 million, from Wintermute after a month of inactivity.
Hyperliquid has also led all protocols in holder revenue over the past month, with $63.94 million. The public nature of this data creates a risk of counterparty positions, according to AMBCrypto.
Prediction markets have cooled somewhat. Confidence that HYPE will reach $100 by December 31 fell 4 points to 23%.
Chart and ETF Signals
On the charts, HYPE has broken above a descending trendline that had held for about a month. The token now faces resistance at $81. The MACD indicator was faintly green, which points to fragile bullish strength.
The Chaikin Money Flow indicator fell from 0.24 to 0.13. Capital is also leaving Binance’s perpetuals market. If buyers clear $81, HYPE could move toward $100, with hurdles at $88 and $94.
Spot HYPE ETFs show weaker demand. Funds from Bitwise, Grayscale and 21Shares have not recorded a single day of net inflows since October 6. SoSoValue data shows they had no activity in the last 24 hours and lost $4.30 million the day before.
Bitwise’s BHYP wallet on Hyperliquid also received 47.39K HYPE, worth $3.71 million, from a staking address. The unstaking suggests some institutions may be selling.
Payward’s perpetuals plan still awaits regulatory approval, and HYPE continues to trade just below the $81 level.
