Fresh High Amid Trump-Fueled Momentum
$HYPE hit a fresh all-time high near $82 over the past day, extending a rally that has pushed the token up 38% this week. The token is currently carrying a 24-hour trading volume above $2 billion alongside a market capitalization of $17.17 billion. Moreover, it bears highlighting that Hyperliquid has processed more than $176 billion in 30-day trading volume while carrying open interest exceeding $8 billion.
The surge can quite clearly be linked back to August 19, when President Donald Trump said the Commodity Futures Trading Commission (CFTC) was working to bring Hyperliquid into the United States “in a fully compliant and legal manner.”
That name-drop sent $HYPE charging toward record highs within hours, with the token jumping as much as 25% in a single day as traders priced in the prospect of formal U.S. market access.
Lastly, the Wyoming Blockchain Symposium hosted a discussion of the CFTC’s approach just days before Trump’s comment, with Binance founder Changpeng Zhao separately calling any U.S. pathway for Hyperliquid “a win for the entire crypto industry.”
Multicoin’s Coinbase Prime Deposits Raise Questions
Even as $HYPE climbed toward its record, venture firm Multicoin Capital kept depositing tokens into Coinbase Prime, an institutional custody and trading platform typically used by large holders to facilitate sizable trades.
On August 20 alone, a Multicoin-linked wallet sent 308,884 $HYPE, worth roughly $19.8 million, to Coinbase Prime in a seven-hour window, followed by a 172,710 $HYPE deposit worth about $10.15 million and a smaller 62,700 $HYPE batch worth $4.37 million around the same period.
The firm has now moved more than $100 million in $HYPE into Coinbase Prime since February 2026, marking one of Multicoin’s largest liquid crypto positions. $HYPE traded between roughly $55 and $70 for much of the summer, and comparable large deposits in July correlated with declines of around 8% in the token’s price, suggesting the market has learned to watch Multicoin’s wallets closely.
The pattern has drawn scrutiny because of the firm’s own bullish public stance, with Multicoin publishing a valuation report in June projecting a base-case price of $319 for $HYPE by 2028, anchored to expectations that Hyperliquid’s annual earnings would scale toward $8 billion.
The steady shift seems to be reminiscent of a broader trend of large holders moving tokens onto Coinbase Prime ahead of potential sales. In fact, Bitcoin.com News recently reported on a major Solana treasury shifting a sizable sum of SOL to Coinbase Prime while sitting on steep unrealized losses.
What’s Next for $HYPE
Hyperliquid has tried to counter sell-pressure narratives with its own buyback mechanism. The protocol directs nearly all trading revenue, an estimated 99% of fees from its perpetual futures and spot markets, into continuously repurchasing $HYPE through what it calls the Assistance Fund. The exchange generated over $896 million in revenue over the past 12 months, giving the buyback program substantial firepower.
Whether that offsets Multicoin’s continued Coinbase Prime deposits may decide if $HYPE holds its record levels or retraces. Traders are also watching whether the CFTC’s review of Hyperliquid advances into formal U.S. market access, a step that could open the platform to a far larger institutional base and add fresh demand beyond the current offshore trading crowd.
