Hyperliquid's token HYPE hit a fresh all-time high near $82, up 38% over the past week, after President Trump said the CFTC was working to bring the exchange into the United States. At the same time, venture firm Multicoin Capital kept moving large batches of HYPE to Coinbase Prime, a deposit pattern that correlated with a price decline in July.
HYPE hit a fresh all-time high near $82 over the past day. That extends a rally that has pushed the token up 38% this week. The token now carries 24-hour trading volume above $2 billion alongside a $17.17 billion market capitalization. Hyperliquid has processed more than $176 billion in 30-day trading volume with open interest exceeding $8 billion.
Trump's CFTC comment fuels the rally
The surge traces back to August 19, when President Donald Trump said the CFTC was working to bring Hyperliquid into the United States "in a fully compliant and legal manner". That name-drop sent HYPE jumping as much as 25% in a single day as traders priced in the prospect of formal U.S. market access.
Multicoin's Coinbase Prime deposits raise questions
Even as HYPE climbed, Multicoin Capital kept depositing tokens into Coinbase Prime. On August 20, a Multicoin-linked wallet sent 308,884 HYPE, worth roughly $19.8 million, to Coinbase Prime in a seven-hour window. That was followed by a 172,710 HYPE deposit worth about $10.15 million and a smaller 62,700 HYPE batch worth $4.37 million.
The firm has now moved more than $100 million in HYPE into Coinbase Prime since February 2026. 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. The pattern draws scrutiny because Multicoin published 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.
Buybacks work against sell pressure
Hyperliquid has tried to counter sell-pressure narratives with its own buyback mechanism built on perpetual futures and spot-market fees. The protocol directs nearly all trading revenue, an estimated 99% of those fees, 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 deposits may decide if HYPE holds its record levels or retraces.
Source: Bitcoin News
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