TLDR
- HYPE surged past $97, marking a new high with weekly gains of 27%.
- A whale added $36 million in HYPE, bringing total holdings to roughly $400 million.
- Hyperliquid’s burn program has removed over 48.86 million HYPE, worth more than $4.76 billion.
- Open interest hit an all-time high of $18 billion as Wintermute began moving tokens to exchanges.
- Analysts point to $115 as a mid-term target, with support levels at $88, $75, and $70.
Hyperliquid (HYPE) has climbed to a new high this year. The token gained 2.85% in the past 24 hours and is up 27% over the past week.
The price briefly moved above $97 on September 23. As of this writing, HYPE trades around $92.74.
The rally has been supported by a mix of factors. These include the platform’s ongoing buyback and burn program, along with steady capital inflows from traders and institutions.
Hyperliquid has now burned more than 48.86 million HYPE tokens. That amount is worth over $4.76 billion at current prices, and it has helped tighten the available supply.
Whale Activity and Institutional Buying
Large holders have been active during this run. One wallet bought another 373,730 HYPE, worth about $36 million, according to data from Arkham.
That purchase brought the wallet’s total holdings to around 4.7 million tokens, worth close to $400 million. The buying has taken place over the span of a single month.
Institutional buyers have also been adding to positions. Hyperliquid Strategies now holds 33.60 million HYPE, worth $3.20 billion. This equals about 15% of the circulating supply and 3% of the total token supply.
Open interest on Hyperliquid reached an all-time high of $18 billion as the price peaked. Analyst account Rand Group highlighted this milestone directly, writing that “$HYPE just hit a new Open Interest record crossing the $18B mark,” while asking whether the token could break $100 following the whale’s $36 million purchase and whether a correction or continuation would follow.
$HYPE just hit a new Open Interest record crossing the $18B mark 💥 pic.twitter.com/3bK9J1OnB2
— Rand Group (@randgroup) September 23, 2026
Not all the activity has pointed higher. Some institutions have started to sell. Onchain Lens reported that market maker Wintermute began moving tokens to major centralized exchanges, a sign often linked to profit-taking.
Price Levels to Watch
Chart data shows HYPE respecting a rising trendline, which has held as support four times. The MACD indicator remains bullish, though its momentum bars are shrinking.
If the price pulls back, traders are watching support levels at $88, $75, and $70. A wall of short positions is currently defending the $100 level.
Liquidation data from CoinGlass shows more than $2.91 million in leverage sitting above the current price, near $98.48. Below price, more than $3.39 million in leverage sits near $94.66.
Separately, tokenization of real-world assets (RWAs) in the U.S. has picked up pace. CFTC Chairman Michael Selig said this week that the agency is preparing for the arrival of tokenization and 24/7 markets.
Robinhood’s layer-two blockchain, Robinhood Chain, now has more than 5.1 million registered wallets. It has processed over $37 billion in trading volume over the past 30 days.
Hyperliquid’s HIP-3 product line, which supports RWA perpetual futures, recorded $115 billion in monthly volume in June. Open interest on that product has grown to nearly $4 billion as of last month.
