Hyperliquid's HYPE token has held near the $90 level even as the broader cryptocurrency market sold off, a divergence that followed Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, announcing an agreement to operate Trade[XYZ]'s regulated perpetual markets and to develop a dedicated U.S. retail trading and clearing structure on Hyperliquid. The agreement helped drive HYPE's latest advance, although regulatory approvals remain outstanding.

HYPE carried a market capitalization of $21.67 billion, placing it tenth among cryptocurrency assets. Its price sat 7.7% below the September 23 all-time high of $97.96, traded within a 24-hour range of $88.67 to $94.98, and recorded $2.28 billion in daily trading volume.

HYPE Outperforms Bitcoin Over Seven Days

The weekly performance gap between HYPE and Bitcoin stretched to 22.5 percentage points. HYPE gained 17.3% over seven days, while Bitcoin declined 5.2% — the widest weekly performance difference between the two assets in recent months, according to the source report.

The rally accelerated after the ICE agreement was announced on October 29. HYPE had closed near $80.60 on October 28 before climbing to approximately $88.91 the following day. It subsequently traded within a range of roughly $88 to $95, retaining most of its post-announcement gains despite renewed selling pressure across the cryptocurrency market.

Trading activity increased substantially as well. The token recorded $2.28 billion in 24-hour volume, equivalent to about 10.5% of its market capitalization. The source report compared that figure with a typical daily volume-to-market-cap ratio of around 3% for large-cap crypto assets, indicating unusually active trading during the rally.

ICE Agreement Brings U.S. Retail Perpetual Markets Into Focus

On October 29, ICE announced that it had signed a definitive agreement to operate Trade[XYZ]'s regulated perpetual markets and develop a dedicated retail market and clearing structure on Hyperliquid. Perpetual futures are derivative contracts that carry no expiration date, letting traders hold leveraged long or short positions without a fixed settlement deadline. They rank among the most heavily traded instruments in cryptocurrency markets, yet American retail participants have generally lacked a regulated route to access them. The proposed arrangement remains conditional on approval from the Commodity Futures Trading Commission and other regulators, and no approvals had been granted at the time of the report.

ICE Chief Executive Jeffrey Sprecher described the initiative as an expansion into retail trading rather than a replacement for the company's institutional futures business. He pointed to growing global retail participation and demand for trading opportunities that remain available around the clock.

"We see these perp markets as additive to our futures markets, not a replacement for them," Sprecher said.

Trade[XYZ] also highlighted the existing scale of its markets on Hyperliquid, saying they had processed more than $650 billion in trading volume over slightly more than a year, averaging approximately $1.78 billion per day.

"Trade[XYZ] was built on a vision of bringing the world's most important markets on-chain, available 24/7," the firm said in its announcement.

The proposed U.S. retail structure would extend around-the-clock perpetual trading to American participants if the necessary approvals are secured. Trade[XYZ] underscored the significance of the arrangement in a post on X, stating, "Much of the world trades them. Until now, Americans could only watch."

Hyperliquid Price Levels to Watch

At $90.43, HYPE would need to rise approximately 8.3% to return to its $97.96 all-time high. The token's recent trading range offers several levels for market participants to monitor as it attempts to sustain its recovery.

The $88.67 intraday low marks the nearest support level identified in the source analysis. A sustained move below $88 could weaken the recent bullish structure and bring the $80 to $82 area into focus — a zone that includes the October 28 closing price near $80.60, which preceded the rally following the ICE announcement.

Over the past 30 days, HYPE declined from the low $90s in early October to $76.25 on October 26, then staged a sharp two-day recovery after the ICE announcement, reclaiming $88 on October 29 and holding above that level during the October 30 market sell-off.

According to the source analysis, the outlook depends partly on whether HYPE can maintain its relative strength and avoid negative developments around the scheduled November 6 token unlock. A break below $88 would weaken that outlook, while a move above $94.98 would improve the prospects of a retest of the previous all-time high. These levels represent market analysis rather than guaranteed price outcomes.

Buybacks and November 6 Unlock Create Competing Supply Pressures

HYPE's supply dynamics present two opposing forces. Hyperliquid has been reducing circulating supply through its buyback program, which BlockchainReporter previously covered when the strategy was tripled to $100 million in late October. Buybacks can shrink the available token supply, potentially supporting prices if demand holds steady.

On the other side, token-unlock trackers list a core-contributor release of 9,916,667 HYPE tokens scheduled for November 6. At the reported price of $90.43, that allocation would be worth approximately $897 million. A release of that size could introduce selling pressure if recipients decide to liquidate their holdings, although an unlock does not automatically mean the tokens will be sold, and the market may absorb additional supply over time.

The timing of the two mechanisms also differs: buybacks operate as an ongoing process, while the scheduled unlock represents a specific event. That makes November 6 a near-term development that traders may watch for its potential effect on HYPE's price.

Bitcoin Sell-Off Does Not Confirm a Shift From Binance to Hyperliquid

HYPE's relative resilience during Bitcoin's decline has fueled speculation that traders may be rotating away from centralized exchanges and toward decentralized trading platforms. However, the available timeline does not establish that such a shift drove HYPE's gains.

Binance suspended withdrawals before HYPE's October 29 price spike. Meanwhile, much of the token's weekly advance occurred on the day ICE announced its agreement with Trade[XYZ], before the full scope of the Binance hot-wallet theft was known.

The source analysis therefore points to the ICE announcement and HYPE's supply dynamics as more directly supported explanations for the price movement, finding insufficient evidence to conclude that Binance users moved to Hyperliquid in significant numbers and pushed the token higher.

What the price data does demonstrate is HYPE's relative strength during a period of broader market weakness. While the wider cryptocurrency market experienced a sharp decline, HYPE remained comparatively stable and held above its recent breakout area. Whether that resilience continues will depend on market conditions, the response to the ICE agreement as it moves through the regulatory process, and the impact of the November 6 token unlock.

Source: BlockchainReporter