As Bitcoin lies flat, Hyperliquid tops weekly gains after Grayscale files for HYPE ETF

Large cap cryptocurrencies were mostly flat over a seven-day period on Saturday, but one coin stood out: Hyperliquid’s native coin, HYPE.

HYPE, the 14th largest coin by market value, was up nearly 6% over a weekly period, and was priced at a little over $40, according to CoinGecko.

Its rise came after crypto asset manager Grayscale on Friday filed for a new product, a “Grayscale HYPE ETF”, that would trade on the Nasdaq if approved.

Bitcoin, meanwhile, hadn’t budged over a seven-day timeframe. The leading cryptocurrency was trading for $70,943 at 10am in New York.

What’s all the HYPE?

Grayscale’s filing comes as the decentralised crypto exchange sees a surge in trading as traders bet on the price of other assets like oil and gold.

Commodity trading on Hyperliquid has become popular since the US and Israel attacked Iran; when traditional markets are closed, Hyperliquid continues processing trades, allowing speculators to make bets on weekends.

Its native coin, HYPE, is up 56% year-to-date.

Hyperliquid is so popular that the S&P 500 this week gave crypto platform Trade[XYZ] the green light to debut a new derivative contract on the exchange giving non-US investors exposure to the equity index.

Two days after it debuted, it hit $100 million in 24-hour volume — making it one of the 10 largest markets on the booming blockchain.

Other market movements

Elsewhere, Ethereum rose 4% over a 24-hour period, hitting $2,163 per coin. Its modest rise came despite US investors cashing out of Ethereum ETFs this week.

XRP also rose by close to 4% over the same period, and was trading hands for $1.44 on Saturday.

Crypto market movers

• Bitcoin was trading for $70,943 per coin on Saturday, flat over the past day.
• Ethereum’s price touched $2,163, a 24-hour rise of 1%.

What we’re reading

• Crypto firms are slashing jobs — and they’re mostly citing the same reason — DL News
• Hyperliquid’s S&P 500 market quickly hits $100m in just one day. Here’s what to expect next — DL News
• Oil. That’s it. That’s what matters. — Milk Road
• The US Wants War Without Entanglement. It May Not Exist. — Bloomberg

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at mdisalvo@dlnews.com.