Key Highlights
- HYPE maintained a range between $88.45 and $89.87, retreating from its late September high of $97.88.
- The Hyperliquid Policy Center formally requested EU authorities classify perpetual futures under existing MiFID II derivatives regulations.
- The token’s daily RSI registered 52.58, indicating reduced buying pressure following the previous month’s rally.
- Real-world asset trading activity on Hyperliquid declined from $37.5 billion to $8 billion over seven days, while platform fees continued their upward trend.
- Market watchers noted a $4.96 million HYPE acquisition by Grayscale ETF according to social media reports.
The HYPE token from Hyperliquid settled around $88.45 on October 1, marking a 2.74% decline during the trading session. This positioned the asset approximately 9.6% beneath its recent $97.88 high water mark.
The modest correction coincided with regulatory engagement from the Hyperliquid Policy Center (HPC), which formally petitioned European authorities. Their proposal advocates for perpetual futures contracts to receive classification under current derivatives frameworks instead of establishing separate crypto-specific categories.
The HPC’s position emphasizes that financial instruments should maintain their regulatory status regardless of whether they operate on traditional infrastructure or blockchain technology. This submission forms part of the European Commission’s ongoing evaluation of the Markets in Crypto-Assets Regulation framework.
Chart Analysis Reveals Key Support And Resistance Zones
Market data from TradingView indicated HYPE reached an intraday peak of $91.10 before declining to a session low of $88.12. The token concluded trading closer to the lower boundary of this range.
Analysis of the 4-hour Bollinger Bands revealed an upper channel at $90.95 with the lower band positioned at $84.84. This technical structure places immediate resistance near the session’s highest point.
Breaking above the $91 threshold could establish momentum toward the $92-$95 zone, potentially setting up a retest of the $97.88 peak. Conversely, failure to hold the $87.89 midpoint support might trigger selling pressure toward $84.84, with $81.29 representing the next significant support level.
The daily Relative Strength Index stood at 52.58, positioned above neutral territory but trailing its moving average of 61.17. This configuration suggests moderating momentum compared to the strong gains recorded during August and September.
Market commentary from Whale Insider on X highlighted institutional accumulation patterns. The analyst reported that clients of Grayscale ETF products acquired $4.96 million in HYPE tokens, representing additional demand from regulated investment vehicles.
Platform Functionality Grows With Lending And Market Expansion Plans
On September 18, Hyperliquid introduced manual borrowing capabilities to its platform. The feature enables users to borrow USDC and USDT stablecoins using eligible collateral, with total borrowing reaching $269 million since implementation.
Payward, the corporate entity behind Kraken, announced on September 16 its intention to offer Hyperliquid perpetual contracts to United States customers. Implementation remains contingent on securing necessary regulatory permissions, with Bitnomial handling market operations and NinjaTrader Clearing managing client account infrastructure.
Trading activity in real-world asset markets on Hyperliquid experienced significant contraction, dropping from $37.5 billion in late July to $8 billion in the most recent week, based on HyperScreener analytics. Despite the volume decrease, open interest remained robust at $3.9 billion, sitting only 9.3% below its historical maximum.
Platform revenue metrics from DeFi Llama demonstrated continued growth, with Hyperliquid network fees climbing to $72 million during the previous month, representing a 7.5% month-over-month increase.
Broader cryptocurrency markets received support from September 30 inflation data showing moderate price pressures. The Core PCE Price Index advanced just 0.2% in August, undershooting economist projections and reducing market expectations for an October Federal Reserve rate increase from approximately 50% to 37%.
Among the ten largest cryptocurrencies by market capitalization, Hyperliquid continues leading performance metrics with a remarkable 270% year-to-date appreciation.
