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HYPE Key Insights
Hyperliquid (HYPE) cryptocurrency prices are approaching $60, continuing the continued bullish momentum observed in the first half of August.
Hyperliquid ETF did not sell any HYPE last week, indicating high confidence among institutional holders.
Falling online activity may weaken the rally, with DEX trading volume and address activity falling to multi-week lows.
Hyperliquid cryptocurrency has just ended another wave of recovery and is expected to achieve three consecutive positive days on a weekly basis this week. The Hyperliquid-native token continued last week's bullish momentum at the beginning of the week, and surveys showed that institutional holders 'confidence remained solid.
As of press time, the trading price of Hyperliquid cryptocurrency was US$59.5, rising more than 4% in the past 24 hours, setting the highest price this month. 
Hyperliquid Cryptocurrency Price Trend| Source: TradingView
Hyperliquid HYPE prices are bullish this month, highlighting their recovery after a downturn in June and July. Its Relative Strength Index (RSI) has shown solid strength, above the midline, but is also approaching the US$60 mark, when it may face momentum testing and sideways consolidation.
Whether HYPE tokens can maintain their bullish momentum or turn towards a correction may depend on the same factors that drove the latest rally.
Hyperliquid ETF provides strong support for bulls
Hyperliquid's status as one of the top decentralized exchanges (DEX) has attracted a lot of attention, especially from the institutional investor community. As a result, the influence of this category on HYPE tokens is significantly increasing.
Arkham pointed out that Hyperliquid ETF did not sell any HYPE token positions last week. Instead, they held previously purchased tokens and increased their holdings of Hyperliquid cryptocurrency worth approximately $2.8 million. 
Hyperliquid (HYPE) ETF Focus| Source: Arkham
Healthy institutional demand suggests that institutions remain optimistic about the short-and long-term prospects of Hyperliquid cryptocurrency. Despite this, spot capital flows remain weak, suggesting that the rest of the market has not yet caught up.
At the same time, derivative activity surrounding HYPE tokens surged significantly. For example, trading volume has risen 63.8% in the past 24 hours, but is still near multi-month lows. This suggests that it is not yet large enough to raise liquidation concerns.
Stable institutional positions have been a key driver of the bullish momentum of Hyperliquid cryptocurrency. If this trend continues, then HYPE prices may maintain the bullish momentum observed in the first half of August.
Can HYPE prices bucking the downward trend of Internet activity?
The fact that Hyperliquid cryptocurrency remains one of the largest DEXs is an important driver of institutional confidence. So what happens when market factors weaken this confidence?
There is no doubt that the cryptocurrency market has been sideways over the past few weeks. As a result, there is a high degree of uncertainty in the market as to whether prices will rebound or collapse.
As a result, both chain activity and trading volume have been hit in the past few weeks. This is in sharp contrast to previous periods of active market activity that have driven the Hyperliquid ecosystem to generate strong trading volume.
Weekly address activity dropped to its lowest level since March 2025, according to DeFiLlama. DEX trading volume also showed the same trend.
For example, the latter recorded US$735 million in trading volume between August 10 and 16. The last time Hyperliquid DEX trading volume was this low was after mid-March 2025. 
Hyperliquid DEX Volume| Source: DeFiLlama
Declining DEX trading volume means less organic demand for Hyperliquid cryptocurrency. However, institutional demand remains high and is one of the key factors supporting demand. Despite this, declining activity is still a risk factor that may depress the price of HYPE tokens in the short term.
