Hyperliquid traders move $4.8 B to traditional assets as HYPE token eyes $80

Data from Blockworks Research shows that top traders on the Hyperliquid platform have shifted a majority of daily volume to traditional‑market assets such as equities, indices and ETFs. Daily trading in these “real‑world” assets reached $4.8 billion, representing 54 % of total volume, while volume on Hyperliquid’s native crypto‑perpetual contracts fell to $4.1 billion. Open interest on the TradeXYZ product hit a record $3.4 billion, up 18 % week‑over‑week.

The most actively traded assets include SK Hynix (SKHX), the TradeXYZ‑replicated Nasdaq‑100 tracker (XYZ100) and Micron (MU). Meanwhile, Hyperliquid’s native token HYPE is trading around $67 with a 24‑hour volume of $268 million and a market cap of $17 billion. Analysts note that the token remains above key technical levels – the 200‑period EMA and $62 support – and could break $68.60 to trigger a move toward $80. The token’s deflationary model is supported by continuous buybacks that have burned roughly 45 million HYPE, accounting for about 97 % of trading‑fee revenue.