List of catalysts that may affect the price of $HYPE in the near future

By the end of October 2025, the popularity of the decentralized contract trading platform Hyperliquid has reached a new high. Its token, $HYPE, is at a critical point, and market participants believe that significant developments are likely to occur in the future. Data shows that Hyperliquid currently dominates the decentralized derivatives market, holding approximately 70% to 80% of the trading volume. Its cumulative revenue has also exceeded $1 billion.

In the entire DEX ecosystem, Hyperliquid’s position is becoming increasingly stable. Many people even refer to it as “the decentralized version of Binance Contracts”. Recently, the platform has been expanding its ecosystem further, and it has introduced a one-way repurchase mechanism to increase the value of its tokens. With institutional investors gradually joining the market, there is widespread expectation that $HYPE will experience another round of increases in the coming months, or even in 2026. In other words, Hyperliquid may be leading the next wave of decentralized trading trends.

The release of DAT in November is one of the most direct catalysts. It is expected that a third DAT will be launched in November 2025. This event is expected to raise several hundred million dollars, which will be used for purchasing and staking $HYPE. Specifically, this includes purchases made at the time-weighted average price of $305 million by Hyperliquid Strategies Inc., as well as continuous monthly purchases from the support fund, totaling around $100 million, thanks to the strong revenue trend. Overall, it is estimated that around $405 million in $HYPE could be removed from circulation in just November.

HyperEVM TGE season

Based on the progress of Layer-1 technologies developed by Hyperliquid, the token generation event on HyperEVM is accelerating, with several projects set to launch in the near future. Notable projects include: kinetiq_xyz, hyperlendx, felixprotocol, HypurrFi, drip__trade, and prjx_hl. As these token generation events unfold, users may re-invest some of the tokens issued into $HYPE, thereby enhancing liquidity and demand within the ecosystem. This change will continue until the end of the fourth quarter of 2025 and beyond, marking Hyperliquid’s transition towards becoming a comprehensive DeFi center similar to Solana and Ethereum.

The suppressed price performance of

has recently drawn attention to Techno_Revenant, who reportedly suppressed the price of $HYPE through large-scale selling. As mentioned in his post, once the selling pressure from this entity decreases, combined with ongoing TWAP purchases and overall demand at current prices, we expect prices to improve significantly in the short term.

Token unlocking and supply dynamics

Starting from November 29, 2025, a total of 237.8 million $HYPE tokens (valued at approximately $11.9 billion at current prices) will begin to be unlocked over the next 24 months. This will create significant supply pressure, causing concerns among investors and analysts. Analysts like Maelstrom see this as a “true test” for the token. They worry that the unlocking of these tokens could lead to selling pressure, diluting the market, and putting downward pressure on prices due to broader macroeconomic uncertainties. However, if the team decides to hold onto these unlocked tokens, or even better, pledge them, then the excess supply situation might disappear instantly.

The aid fund and repurchase mechanisms continue to play a crucial role, having raised over $1 billion in funds. So far, it can be assumed that even without using the loyalty program, the platform’s revenue will continue to rise compared to other competing platforms in the decentralized exchange market. At this rate, it will take less than 10 years for the aid fund to repurchase all of the available $HYPE tokens.

Understanding Hyperliquid’s SWPE

As of mid-October 2025, the weighted price-to-earnings ratio (SWPE) of Hyperliquid’s $HYPE tokens has dropped to around 2.25-2.50, hitting its lowest point this year. This indicates that the value of these tokens may be undervalued relative to the strong profitability of the protocol. SWPE is an important metric in crypto analysis, used to evaluate tokens like $HYPE. It adjusts the traditional price-to-earnings ratio by weighting it based on the effective supply or circulating amount of tokens (excluding those locked or pledged). In essence, SWPE measures the “ affordability” of a token by dividing the market value of the token divided by the protocol’s annual revenue. A lower SWPE value indicates that the token price has not kept up with profit growth, making it an attractive entry point for value-oriented investors. Thanks to skewga_hyper for providing this information.

ETFs and index inclusion

$HYPE is being prepared for inclusion in ETFs and new S&P Crypto Index funds, which could be attractive to traditional value/growth investors. Cathie Wood-led ARKK funds may invest through DAT to gain exposure to these funds.

Summary

In summary, $HYPE is at a critical point in its development. With its impressive revenue performance and innovative expansions such as HIP-3 and USDH, Hyperliquid continues to dominate the decentralized perpetual contract market. Although the upcoming token unlocking process may introduce significant risks and trigger cautious sentiment among investors, the strong repurchase mechanism and the potential to re-lock unlocked tokens could turn these challenges into opportunities for sustained growth and confidence. Coupled with the prospects of ETFs and DAT, growing revenue, and long-term protocol updates, the trend of $HYPE suggests that investors who can navigate fluctuations wisely stand to reap substantial returns in the future. As always, investors should keep a close eye on implementation progress and market trends. This article does not constitute any investment advice.