HYPE entered September with a run of market developments shaping its outlook. Binance opened spot trading for the Hyperliquid token with USDT, USDC and TRY pairs on September 24, and Multicoin Capital moved 130,331 HYPE — worth $12.15 million — to Coinbase Prime the same day. Glassnode data also place HYPE among the small group of top-50 altcoins that have outperformed Bitcoin since Bitcoin's all-time high, with a performance multiple of 2.9x.

Binance Opens HYPE Spot Trading

Binance enabled HYPE spot trading at 11:00 UTC on September 24, listing HYPE/USDT, HYPE/USDC and HYPE/TRY pairs. News of the listing was circulated by WuBlockchain on X. Deposits opened one hour before trading started, withdrawals are scheduled for September 25 at 11:00 UTC, and the exchange set the listing fee at zero BNB.

Binance applied its Seed tag to HYPE, a label it uses for tokens it classifies as higher-risk assets. Users who Seed-tagged assets must complete risk-awareness quizzes every 90 days. The exchange also plans to add Trading Bots and Spot Copy Trading within 24 hours of the spot launch, while the TRY pair remains limited to eligible users through Binance TR. The listing expands HYPE spot access as the token trades near its record price, and listings on the venue carry added weight because Binance serves one of the largest user bases in the crypto industry.

HYPE Beats Bitcoin Since BTC's Peak

Glassnode data show that only nine of the top 50 altcoins have outperformed Bitcoin since Bitcoin reached its all-time high. HYPE sits in that group with a 2.9x performance multiple against BTC, ranking above UNI, TRX, LEO and TAO over the same period. Zcash leads the list at 14.4x, while Monero stands at 2.6x and NEAR at 2.1x, according to a Glassnode post on X.

HYPE's relative strength has come as Hyperliquid trading activity expands. Open interest on the platform reached a record $18 billion on September 23, above the previous $16.36 billion high from September 19. Open interest tracks the total value of outstanding derivatives positions, so record readings point to heavy engagement in leveraged trading rather than spot buying alone. Bitcoin, Ether and HYPE accounted for about $9.33 billion of that total, and HIP-3 markets broadened activity across stocks, gold, crude oil and index-linked perpetual contracts. Hyperliquid itself operates as a decentralized exchange centered on perpetual contracts, which is why its activity metrics are watched as a gauge of the platform's usage rather than a single trading pair.

Multicoin Moves $12.15M in HYPE

Multicoin Capital transferred 130,331 HYPE, valued at roughly $12.15 million, to Coinbase Prime on September 24. Lookonchain data posted on X show the firm has moved 4.23 million HYPE to Coinbase Prime since July 28, in transfers worth a combined about $285 million at the time of each transaction.

The transfer does not show whether Multicoin sold the tokens. Coinbase Prime provides custody and execution services, so onchain data only confirms the movement of funds into the platform.

HYPE traded near $92 after the transfer, down about 3% over 24 hours, though the token still stood more than 10% higher than the previous seven days. Hyperliquid also released about 9.92 million HYPE on September 6, but token unlocks, like transfers to custody venues, do not automatically indicate market sales.

HYPE Price Prediction Focuses on $97.99

HYPE reached an all-time high of $97.99 on September 23 before pulling back toward $92.50, giving theYPE price prediction a clear reference point for its next move. A return above $97.99 would put the token back into price discovery, while continued trading below that level would leave the recent high as the nearest ceiling.

The $92 area also merits attention because HYPE set a previous record at $92.56 on September 18. The underlying analysis describes HYPE as holding a bullish higher-timeframe structure, with the $82 area acting as the immediate demand zone. A sustained move above $89.59 could open the path toward $130 before the $180 supply area comes into focus. The analysis places $68.34 as the near-term invalidation level, with the broader structure intact above $47.59.

Binance spot access, HYPE's 2.9x performance against Bitcoin and record Hyperliquid open interest now sit beside fresh institutional token transfers.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets carry substantial risk. This report was originally published by The Market Periodical.