HYPE hits $76.70 ATH while SpaceX perp quietly becomes Hyperliquid's third-biggest market 🚀

Hyperliquid's $HYPE token reached a new all-time high of $76.50 overnight, up 12% on the day, before extending to roughly $76.70 in subsequent trading. The token was up about 46% over the past week and more than 90% over the past month as platform activity, ETF-related demand and protocol buybacks supported the advance. According to data from crypto.news, $HYPE stabilized around $75.50 at press time.

The rally has been fueled in part by Hyperliquid's 24/7 SPCX perpetual contract tracking year-end SpaceX price discovery. With Nasdaq closed, after-hours trading on the tokenized SpaceX contract did about $1.1 billion in volume, climbing roughly 23% to around $209 and intraday touching $230. That made SPCX the third-largest market on Hyperliquid, behind only Bitcoin and Ether and ahead of Solana and $HYPE's own book.

Demand has extended beyond onchain markets. Asset manager Bitwise purchased approximately 77,100 $HYPE tokens worth about $5.2 million to support its newly launched Bitwise Hyperliquid ETF, while $HYPE ETFs collectively traded roughly $17 million, their second-biggest day on record. Hyperliquid directs 97% of trading fees toward buying and burning $HYPE, and annualized protocol revenue has exceeded $1 billion. CoinGlass data shows Hyperliquid recently captured about 8.3% of global perpetual futures open interest, with total open interest above $9.6 billion.

Technical levels have reinforced the move. On the four-hour chart, $HYPE cleared the 0.618 and 0.786 Fibonacci resistance levels near $67.7 and $71.8 before reaching the 1.0 extension around $77, with the next major Fibonacci target near $91.9. Former resistance around $71.8 and $67.7 has since flipped to support. Roughly $700 million worth of $HYPE entered circulation during a scheduled unlock earlier this month, though exchange activity and protocol purchases absorbed the supply.

Separately, Strategy bought another 1,587 BTC for about $100 million last week at an average price of $63,024. The firm also grew its USD Reserve by $100 million to $1.1 billion, the second straight week it has rebuilt that cushion, funding both moves by selling roughly $209 million of MSTR stock through its at-the-market program. The reserve is intended to cover dividends on Strategy's preferred shares and interest on its debt, with about $1.7 billion coming due over the next 12 months; JPMorgan flagged that the reserve had covered only about six months of dividends. MSTR was up 6% on Monday.