- Coinbase announced a strategic partnership with Hyperliquid to become the official USDC treasury distributor on the network.
- The chain points out that many highly networked individuals and companies have poured millions of dollars into the accumulated HYPE despite prices consolidating between $45 to $35 since recent months.
- Hyperliquid price has seen a steady medium-term upward trend that resonates with the channel pattern on the daily chart.
Hyperliquid’s price rose 6.68% during US market hours on Thursday to trade at $41. Height follows Bitcoin sustainability Above the $79,000 support level after macroeconomic pressure kept bearish sentiment elevated due to hotter than expected US inflation data released yesterday. However, HYPE coin is showing strong resilience above the $38.7 minimum amid its partnership announcement with Coinbase and active accumulation from high-net-worth investors.
Coinbase ramps up Onchain strategy with USDC playing key role in Hyperliquid
Coinbase is expanding its presence in DeFi by becoming the official publisher of the USDC treasury on Hyperliquid, one of the fastest-growing cryptocurrency trading platforms. The two companies announced Partnership on Thursday.
The agreement will see Coinbase transact and provide liquidity directly into Hyperliquid’s trading infrastructure via the network’s Aligned Quote Asset (AQA) system. This integration allows for the seamless integration of stablecoin reserves on the exchange and enables the protocol to benefit from the income generated by the reserves.
In the process, Native Markets, which built Hyperliquid’s native USDH stablecoin, will hand over the rights to the USDH brand assets to Coinbase. During the migration period, USDH will remain convertible into USDC or fiat currencies before being phased out over time.
The move supports Coinbase’s broader efforts to grow USDC adoption beyond Ethereum and centralized exchanges, especially as competition between stablecoin issuers intensifies.
This year Hyperliquid has been a high-performing project, attracting traders for its high-performance perpetual futures trading experience: low fees, high liquidity, tight spreads, and a seamless experience similar to the best centralized exchanges. Trading activity is up, with the daily supply of USDC trading on the network increasing by a factor of approximately 2 compared to last year, which currently stands at around $5 billion.
Coinbase and Circle have positioned themselves at the center of this thriving platform, providing them with increased exposure to the thriving speculative trading and tokenization scene. Native Markets highlighted that Coinbase’s participation as a major regulated player will enhance Hyperliquid’s liquidity and credibility.
This partnership is part of a broader industry trend in which stablecoins are becoming more integrated with major trading, collateral and treasury systems that need to operate around the clock around the world. Coinbase believes this is a step towards creating a more cohesive cross-chain capital markets landscape that will allow for seamless transactions within the blockchain space and from fiat assets to crypto assets and vice versa across blockchain paths.
Whale wallets are pumping millions into the hype despite falling prices
HYPE has seen recent activity Major investors in cryptocurrency He invested tens of millions of dollars on the platform. One address deposited over $7 million in USDC with several limit buy orders ranging from approximately $31 to $36. Another transferred $2.43 million and instantly purchased over 62,000 tokens at the time.
Another wallet belonging to a16za venture capital firm, just added another 50,000 HYPE for nearly $2 million over the past eight hours. Over the past month, this same wallet has acquired 1.64 million tokens worth approximately $69 million, but the wallet is now in the red with over $6 million.
Such heavy buying by experienced players indicates continued conviction in the asset even amid short-term price pressures.
Open HYPE signals decline in trader sentiment
Overly liquid open interest (OI), open interest (OI), which displays the outstanding value of outstanding futures and options contracts, has seen a significant decline. according to Coinglas dataHYPE’s OI value decreased from $1.93 billion to the current value of $1.54 billion, registering a 20% decline.
This decline in open interest indicates that futures traders are either liquidating due to the sudden market movement or reducing their exposure to HYPE amid growing market uncertainty. If a decline in open interest is accompanied by a price correction, this suggests that the current downtrend is driven by fading buying interest rather than a strong short buildup. However, lower market leverage can also help stabilize volatility and lay the foundation for a healthier recovery once new demand returns.
Historically, this divergence in whale buying and retail caution has often coincided with a major market reversal or sustained price recovery.
Hyperliquid price is looking for the next recovery jump within the channel pattern
Since mid-January Excessive fluid price It saw a sustained recovery from $20.48 to $42.8, recording a 106% gain. Interestingly, this rally resonated strictly within two parallel trend lines that served as dynamic resistance and support for traders.
Until both trend lines are intact, remove excess liquid The noise8.71% The price can lead to a steady high and a higher low trend. With an intraday jump of approximately 9%, the coin price rebounded from the support area around the lower trend line of the channel.
The previous reversal from channel support managed to fuel a 70% rally to $87. Hence, the recent reversal is expected to renew bullish momentum in HYPE, which could lead to another 30% rally to $55.
the The noise The price positioned above the major daily EMAs (20, 50, 100, 200) indicates a broader bullish sentiment in the market. EMA slopes can continue to act as dynamic support for buyers.
RSI (Relative Strength Index) momentum indicators at 54% also reinforce the recovery potential of this asset.
Conversely, if the newly pushed rally fails to keep Hyperliquid price above the $38 level, sellers may attempt a bearish breakdown below the channel support. A possible breakdown below the dynamic resistance level will invalidate the bullish hypothesis mentioned above, and lead to an expected correction in the price.
