Hyperliquid's native token, HYPE, reached a record high near $82, capping a 38% gain over the week. The token's rally coincided with a 24-hour trading volume exceeding $2 billion and a market capitalization of $17.17 billion, while Hyperliquid processed more than $176 billion in 30-day trading volume with open interest surpassing $8 billion.
The upward momentum was fueled by remarks from President Donald Trump on August 19, stating that the Commodity Futures Trading Commission (CFTC) was working to bring Hyperliquid into the United States in a compliant manner. The statement sparked a single-day jump of up to 25% as traders anticipated formal U.S. market access.
Despite the record prices, venture firm Multicoin Capital continued transferring large batches of HYPE to Coinbase Prime, an institutional custody and trading platform. A Multicoin-linked wallet deposited 308,884 HYPE valued at roughly $19.8 million within a seven-hour window on August 20, followed by subsequent deposits of 172,710 HYPE and 62,700 HYPE. Since February 2026, the firm has moved over $100 million in HYPE to Coinbase Prime.
The transfers have drawn market scrutiny, especially given Multicoin's public bullish stance, which included a June valuation report projecting a base-case price of $319 for HYPE by 2028. Similar large deposits by the firm in July correlated with approximately 8% price declines for the token.
To counter potential sell pressure, Hyperliquid utilizes a buyback mechanism through its Assistance Fund, channeling nearly all trading revenue—about 99% of fees from its perpetual futures and spot markets—into continuously repurchasing HYPE. The exchange generated more than $896 million in revenue over the past 12 months, funding the buyback program as traders monitor whether the CFTC's review will advance formal U.S. market access.
