Hyperliquid Roars Past XRP, BNB With 65% Rally: Why Treasury Companies Buy The HYPE

Hyperliquid (CRYPTO: HYPE) is up 65% this week, taking the limelight from bigger and presumably more established tokens, such as XRP (CRYPTO: XRP).

What’s Driving The HYPE Rally

The rally comes after two major sellers finished dumping millions of HYPE, removing massive overhead supply.

The Tornado Cash-funded cluster and Continue Capital completed their liquidation yesterday, selling millions of tokens over weeks. 

That selling pressure, which pushed HYPE from $45 highs down to $21.70 lows, is now gone.

Meanwhile, DATs (Digital Asset Treasuries) are accumulating millions of HYPE tokens.

Hyperliquid Strategies (NASDAQ:PURR) is actively buying, and Nasdaq-listed Hyperion DeFi Inc (NASDAQ:HYPD) holds over 1.4 million HYPE tokens as the first U.S. publicly listed company building a strategic HYPE treasury.

Hyperliquid Dominates Tokenized Asset Trading

The platform now controls about 60% of all tokenized asset perpetual trading volume—roughly $1.77 billion—putting it well ahead of Binance (CRYPTO: BNB) and every other rival.

Open interest tells the same story: with nearly $850 million, Hyperliquid accounts for close to 58% of total OI, again leading by a wide margin.

Hyperliquid co-founder Jeff tweeted that Bitcoin liquidity on Hyperliquid is now deeper than Binance, highlighting how quickly the platform is scaling.

Silver Trading Drives Platform Revenue

Hyperliquid is growing from commodities trading, particularly silver, which hit $1.1 billion in 24-hour volume, matching Ethereum’s daily volume on the platform.

HIP-3, Hyperliquid’s exotic markets feature, captured over $1 billion in open interest and $25 billion in total trading volume since launching in October 2025. 

The platform generates fees from equity indices, individual stocks, commodities, and major fiat pairs.

Those fees drive HYPE’s deflationary mechanism: up to 97% of fee revenue buys back HYPE and burns it, removing tokens from circulation. 

As silver and gold rally, trading volume explodes, fees spike, and more HYPE gets burned.

Hyunsu Jung, CEO of Hyperion DeFi, calls it “a deflationary mechanism not found in any other blockchain ecosystem, and an incredible structural tailwind for our treasury.”

The Technical Breakout

HYPE jumped 10% today to $33.84, breaking above all major EMAs including the critical 200-day at $32.92—the first decisive break above that level since October.

That suggests the downtrend from $45 highs may finally be reversing. 

HYPE rallied 56% from the $21.70 mid-January low, reclaiming key technical levels and testing descending channel resistance around $35-37.

Key levels: Breaking $35-37 confirms trend change and targets $40-42, then $45-50. But losing $32.92 (200 EMA) support would invalidate the breakout and send it back toward $30 or lower.

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