Against the backdrop of a general market correction, Hyperliquid is showing steady growth. Over the past two weeks, the HYPE token has gained more than 40%, standing out amid declines in most major cryptocurrencies.
The growth coincided with two key events. The project entered into an institutional partnership with Ripple and sharply reduced the volume of monthly token unlocks, easing selling pressure.
According to market data, it is fundamental factors, not speculative demand, that have been the main reason for the price movement.
The Market Goes Down, Hyperliquid Goes Up
Over the past two weeks, Bitcoin and major altcoins have come under pressure. Against this backdrop, HYPE posted a 41.5% gain, briefly rising more than 5% during the Asian session.
At the time of publication, the token is trading around $31.5, down about 1% over the day, according to CoinGecko.
Analysts note that the divergence from the market looks unusual. Unlike most rallies in recent months, Hyperliquid’s movement is not accompanied by a surge in speculative hype.
Ripple Integrates Hyperliquid Into Institutional Platform
An additional boost came from the integration of Hyperliquid into the Ripple Prime platform—an institutional solution for prime brokerage. This was announced last week.
This is the first time that the US market-focused Ripple platform has directly connected a DeFi platform since its launch in November 2025.
Bitget analyst Ryan Li noted that the news strengthened positive sentiment around the project but emphasized that it explains only part of the growth. According to him, the market is reacting not only to the partnership but also to changes in the token’s economics.
Unlock Reduction Eases Selling Pressure
The key factor was the update to tokenomics. At the end of January, Hyperliquid announced that only 140,000 HYPE tokens would be unlocked in February—compared to 1.2 million the previous month.
Thus, the monthly unlock volume dropped by 88%. This removed about $34 million in potential selling pressure, analysts note.
The market quickly priced in this change. With supply down, demand proved more resilient than in most projects during the current market phase.
Growth Driven by Usage, Not Expectations
Bitlease founder Nima Beni believes Hyperliquid is holding up better than the market thanks to real platform usage. According to him, in a liquidity squeeze, the difference between working products and tokens that exist only on narrative becomes apparent.
Analysts also point to the development of Hyperliquid’s derivatives infrastructure and the launch of the HIP-3 update. It expanded the range of instruments beyond the crypto market, adding access to commodities and stocks. This allowed HYPE to partially decouple from Bitcoin dynamics and attract new trading volume.
The Market Awaits New Updates
The project has several more potential catalysts ahead. In particular, the HIP-4 update, which involves the launch of outcome trading and prediction tools, as well as the expansion of trading in USDH.
At the same time, the developer ecosystem is evolving, creating specialized tools on top of the protocol. This supports revenue growth and regular HYPE token burns.
Investor Caution Remains
Despite the price increase, short-term expectations look more restrained. On the Myriad prediction market, the probability of retesting the $41 level dropped from 48% to 38% in a few days.
This indicates growing caution among retail participants, even as the project’s long-term narrative strengthens.
According to Beni, the market is entering a selection phase. Capital is gradually moving out of universal and low-utility tokens into platforms that continue to operate and attract users even under stress.
What’s Next?
Hyperliquid remains one of the few projects that managed to show growth amid the overall market decline. The combination of institutional interest, reduced supply, and expanded functionality strengthens its position.
However, further dynamics will depend on sustained trading activity and the market’s reaction to new updates. For now, Hyperliquid remains an example of how fundamental changes can outweigh the overall market trend.
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