Hyperliquid (HYPE) has demonstrated robust recent performance, with its native token price stabilizing around $38. This represents an approximate 70% rebound from its late February lows, peaking at $43 on March 18.
The growth in market share is particularly noteworthy. During the same period, major competitors have seen their market shares decline: Astra fell from 30.3% to 20.9%, while edgeX secured second place with a 26.6% share, still trailing Hyperliquid by nearly 17 percentage points. Platforms like Jupiter, dYdX, GMX, and Drift each hold less than 3% of the trading volume.
Geopolitical Drivers Behind Trading Volume Surge
Recent geopolitical tensions between the United States and Iran have, to some extent, fueled the surge in Hyperliquid's trading volume. During periods when traditional commodity exchanges are closed over weekends, Hyperliquid has served as a real-time discovery platform for crude oil prices, effectively meeting market trading demands during these times.
Spot Accumulation and the ETF Race
According to exchange fund flow data provided by Coinglass, HYPE tokens have experienced net outflows for three consecutive days. Net outflows were $2.94 million on March 21, $2.31 million on March 22, and $2.22 million on March 23, totaling $7.47 million. Net outflows of exchange funds typically indicate that tokens are being moved from exchanges to personal wallets for holding rather than for short-term selling, which can be a potential bullish signal.
Currently, U.S. traders cannot directly access the Hyperliquid protocol. Should relevant ETFs be approved, they would offer a compliant investment channel for U.S. investors without the need for direct interaction with the protocol. The timeline for ETF approval remains uncertain.