Bitcoin continues to climb this week, rising at $782 million on Friday, a new high since May. At the same time, the platform token for the decentrified and lasting contract platform Hyperliquid rose to $75, updating its historical highs, with a cumulative increase of over 195 per cent during the year.
This increase shows that market funds are not concentrated only in bitcoin. As the derivatives of the chain are active, Hyperliquid is attracting more high-frequency and leverage trade demand, which has also changed the way some of the coins are traded.
Hyperliquid exchange continues to expand.
Hyperliquid allows users to trade directly through their own wallets, rather than storing assets on a centralized exchange. Over the past year, this model has driven its rapid expansion in the market for encrypted derivatives.
According to VanEck, in the first quarter of 2026, the combined volume of Hyperliquid cash and durability contracts exceeded $63.3 billion, six times greater than the total volume in the second quarter of 2024.
The report cites the view of marketers that, as more and more transactions turn to sustainable contracts, some of the money that would otherwise have flowed into the spot market for small market values has been diverted. For active traders, a lasting contract is more attractive because price fluctuations can be charged without the direct possession of a token.
HYPE escalation and U.S. compliance expectations
HYPE's last round of pullbacks came after President Trump publicly mentioned Hyperliquid. At the White House event, Trump stated that his Government was promoting the platform's “full compliance and legal” access to the United States market and mentioned that Mike Selig, Chairman of the United States Commission for Commodity Futures Trading, was also involved.
This statement reinforces market expectations of Hyperliquid compliance and further boosts platform heat and token price performance.
Bitcoin's up.
Although some of the funds were sucked away by derivative platforms, bitcoin increased cumulatively by almost 25 per cent this week. It was reported that the recent announcement by the United States Treasury Department of a bond buy-back provided the macro background for the round ' s rebound, but that Bitcoin subsequently accelerated, driven mainly by large-scale empty silos.
Bitwise data show that on Tuesday, when bitcoin was trading in the vicinity of $64,000 this week, $1.3 billion a day was flattened. In the next 48 hours, approximately $1 billion of bitcoin was cleared, raising the total amount of related liquidations throughout the week to $4.5 billion.
In addition to the silo factor, United States policy signals support the market. During this week's meeting with the head of the encryption industry, Trump urged Congress to adopt the Clarity Act to establish a digital asset market structure. Selig subsequently indicated that if Congress fails to pass the bill by the end of the year, the CFTC will begin to move towards clearer rules for encryption.
In addition, the United States debt reached a peak of $40 trillion, the weakening of the United States dollar and the renewed interest of investors in alternative assets such as gold and bitcoin.