Hyperliquid News Today: "HYPE Jumps 12% While Altcoins Tumble Amid Bitcoin-Led Market"

A Whale Takes a Bullish Position on

Using Significant Leverage and HYPE

Bitcoin’s share of the overall crypto market has climbed to 59%, as more investors are turning to the leading cryptocurrency instead of riskier altcoins, based on data from CoinMarketCap and

. This trend highlights worsening attitudes toward alternative tokens, with assets like Fetch.ai (FET), 2Z, , and WIF losing more than half their value over the last quarter. The altcoin sector’s difficulties intensified earlier this month due to a liquidity crunch, which led to a rapid sell-off, thinning order books, and a wave of forced liquidations, according to the Daybook.

Derivatives data reveals that traders are becoming more cautious. Volmex’s BVIV index shows Bitcoin’s 30-day implied volatility has dropped to 45% from a high of 52% on October 10, suggesting that some market fears have subsided, the Daybook reports. At the same time, the seven-day volatility risk premium (VRP) for BTC options on Deribit has turned negative, pointing to steadier conditions. Dealers are also increasing their gamma exposure between the $112,000 and $120,000 strike prices, which helps cushion against large price movements in that range. Despite these signs of stability, put options continue to cost more than calls across all durations, indicating ongoing bearish expectations.

As Bitcoin trades within the $100,000 to $126,000 range, a different narrative is unfolding among altcoins: Hyperliquid’s native token, HYPE, jumped 12% on October 23, according to

. This surge pushed HYPE to $38.92, surpassing key support and testing an important weekly resistance. HYPE futures trading volume rose 20% to $690 million, and open interest climbed to $1.55 billion, signaling renewed bullish sentiment.

Hyperliquid Strategies, the company behind the platform, has submitted a filing to the U.S. Securities and Exchange Commission to raise up to $1 billion through a new stock offering. The funds are intended for business operations and possible token acquisitions, aiming to reinforce Hyperliquid’s financial position and infrastructure. The S-1 filing outlines a committed equity facility with Chardan Capital Markets, which may issue as many as 160 million shares, according to Yahoo Finance. This initiative comes after Hyperliquid’s recent HIP-3 upgrade, which aims to improve perpetual trading and boost deployment efficiency.

HYPE’s rally stands out amid general market weakness, as the altcoin season index fell below 25/100—its lowest point in three months—signaling a shift back to “bitcoin season,” the Daybook notes. Still, Hyperliquid’s targeted accumulation strategy has brought renewed optimism to a sector otherwise marked by speculative selling. Analysts suggest that if HYPE breaks out of its current downward channel, its price could revisit its record high of $60, according to Yahoo Finance.