Hyperliquid, that sprightly little token that’s spent the last year running around the crypto markets knocking over stacks of coins and generally making a nuisance of itself, has finally shoved XRP off its long-time perch in the futures open interest rankings. The push came after Kalshi, the prediction market platform that’s somehow managed to get the notoriously fussy Commodity Futures Trading Commission (a bunch of wizards who once spent three months debating whether a hot dog is a sandwich, for context) to sign off on its CFTC-regulated HYPE perpetual futures. The move sent HYPE’s open interest rocketing 10.7% to $2.48 billion in 24 hours, which is enough money to buy the entire city of Ankh-Morpork twice, if you don’t count the smell, and pushed the token’s price up more than 10% to boot.
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According to analyst Altcoin Sherpa, who somehow manages to make accurate market calls while also tweeting about his pet lizard, reclaiming $57 on higher-time-frame charts would be a constructive development for the asset, which is a very fancy way of saying “it’s not terrible news, but don’t go spending your rent money on it yet”. The analyst noted that while HYPE has outperformed nearly every other altcoin this year, its future direction will probably remain tied to Bitcoin’s performance, which is the crypto equivalent of being tied to a very large, very irrational golden retriever that runs in whatever direction it smells a squirrel.
“HyperLiquid has outperformed nearly all shitcoins this year but I also wouldn’t be surprised to see this go to the low 50s/high 40s eventually too.”
(For the record, this is the same guy who once predicted Dogecoin would hit $10 in 2021, so take that with a pinch of salt and a very large grain of pepper.)
Commenting on the market structure, market commentator Michaël van de Poppe, who has a face that says he’s seen more crypto crashes than most people have had hot dinners, noted that HYPE is approaching an important resistance zone that has to be cleared if the token wants to keep climbing higher, like a goat that’s trying to get over a very tall fence to eat the really good grass on the other side. Poppe added that the current price area looks pretty attractive for accumulation, which is just a fancy way of saying “if you’ve got spare cash lying around and don’t mind losing it, this is a good spot to throw it in”, and suggested that stronger assets could regain momentum if Bitcoin decides to stop bouncing around like a caffeinated kangaroo and enter a consolidation phase.
Meanwhile, liquidation heatmap data from CoinGlass, which looks like a very messy painting made by a toddler who’s had too many sugary drinks, showed a large concentration of short liquidations between $60 and $61, placing that region firmly in focus for every trader who’s currently holding their breath and crossing their fingers. Additional liquidity clusters were visible near $63 and $65.9, which are the kinds of numbers that make people who bought at $52 very happy, while notable downside liquidity remained concentrated around the $54-$55 zone, which is where all the people who bought at $60 are currently crying into their pillows.
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2026-06-12 00:04