Bitcoin soars to nearly $80,000—but crypto’s new favorite coin, Hyperliquid, is stealing its thunder

Bitcoin has recently surged above $78,200 for the first time since May, with Hyperliquid, a decentralized perpetual futures exchange, reaching a record $75 and driving a 195% increase in its HYPE token. Research analyst Ish Asad from Bitwise Investments believes that Hyperliquid's popularity has siphoned market share from Bitcoin, as traders are opting for perpetual futures trading instead of spot Bitcoin purchases.

Hyperliquid has become a major player in crypto derivatives trading, processing over $633 billion in spot and perpetual futures volume during Q1 2026, which is over six times its volume in Q2 2024. The platform's popularity has made it difficult for smaller crypto tokens to attract buying pressure, as all crypto trading now occurs on Hyperliquid.

The recent price jump at Hyperliquid came two days after President Donald Trump mentioned his administration's efforts to bring the platform to the United States. CFTC Chair Mike Selig is also working towards bringing Hyperliquid to the U.S. in a legal and compliant manner. Despite Hyperliquid's growth, Bitcoin still gained nearly 25% over the past week, mainly due to liquidations.

Over $1.3 billion in short positions were liquidated in a single day when Bitcoin was trading around $64,000, and another $1 billion in Bitcoin shorts were liquidated over the following 48 hours, totaling $4.5 billion in liquidations for the week. Additionally, political developments, such as Trump urging Congress to pass the Clarity Act and CFTC Chair Selig directing the CFTC to develop clearer crypto rules, have also contributed to the Bitcoin rally.

Concerns over U.S. debt surpassing $40 trillion and a weakening U.S. dollar have led investors to seek alternative assets like gold and Bitcoin.