Exchange
|3 min ReadHyperliquid’s HYPE Rises as Wall Street Moves In
Maya Chen
Senior Analyst
Published
Jan 16, 2026
Wall Street’s DAT bet and a token that shrugs off Bitcoin
Hyperliquid’s HYPE token is rising while the broader market bends to Bitcoin’s chop. HYPE climbed nearly 7 percent in 24 hours as competitor BNB Chain’s Aster fell 7.6 percent, according to CoinGecko. The timing is no accident. A Nasdaq-listed biotech, Sonnet BioTherapeutics, is executing an 583 million in HYPE. It has also secured a $1 billion facility for potential future purchases of HYPE tokens.
For markets, a digital asset treasury that buys and holds is a signal. Institutions tend to sit tight longer than retail. “HSI’s move sends a strong bullish signal for HYPE,” BuyUCoin CEO Shivam Thakral told Decrypt, arguing the token should benefit from added demand, scarcity, and institutional recognition. The filing also flags risks. Raising capital via share issuance can bring enhanced regulatory oversight and sharp volatility. Sonnet shareholders would be heavily diluted, retaining only 1.2 percent of the combined company.
Builders, wallets, and a cautionary tale
Adoption momentum is building around the venue. MetaMask unveiled native support for Hyperliquid, making it easier to speculate on prices through the up-and-coming decentralized exchange, and said it is eyeing a Polymarket integration. The wallet team framed the move as a response to the growth of perpetual futures, where leverage and round-the-clock trading drive volume.
Security remains front of mind. A Hyperliquid user lost 17.75 million in DAI. A private key proves control of a wallet and authorizes transactions, which means a leak gives an attacker signing power. It is a harsh reminder. In crypto, custody discipline is everything.
Narratives split the DEX rivals while Bitcoin chops
HYPE’s rally comes as the rest of the market tracks Bitcoin’s move around 3 on October 6 by Binance data, then trended lower, now down 67 percent from the peak. Hyperliquid has fallen 21 percent over the same period, yet the new treasury bid changed its trajectory this week.
Prediction markets echo the split. On Myriad, launched by Decrypt’s parent company DASTAN, users now assign a 2 percent chance that Aster hits $4 in November, down from 37 percent a month ago. Markets can change fast, but the message today is clear. Institutional demand and a standing buyer can overpower a Bitcoin slump, at least for one token. The rest will have to wait their turn.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.