- Rising liquidity inflow in hyperliquid can be positive for hype as it continues to track BTC.
- Annual trade fees and DEX trade volume have continued to rise, which indicates great interest in Altcoin.
Hyperliquid (hype) Cooled for the past 24 hours and dipped 2.77% to shop at $ 33. However, a deeper look revealed that this return may be temporary.
In addition, rising liquidity on hyperliquid can provide the fuel needed for a new leg up. Ambcrypto analysis indicates that hyphes performance is also linked to Bitcoin’s market strength.
What does a bitcoin correlation mean for hype?
Interestingly, hype has continued to reflect Bitcoin’s performance – both assets have mapped synchronized heights and lownesses in recent weeks. This correlation is not random.
One reason for this correlation can be traced to HYEST’s original platform, hyperliquid, which allows Bitcoin whales to open long trading on access.
The daily diagram reflects this correlation and shows both assets moving in tandem – which makes new heights and lows at the same time.
Source: Tradingview
This suggests that a bitcoin rally would probably result in hype after the same path.
In fact, just in the past 24 hours a single choice opened A $ 250 million BTC long. If this trend continues and liquidity continues to pour in hyperliquid, hype can ride higher.
What does HYPE’s on-Chain sentiment suggest?
While HYPE will benefit from extra liquidity and its correlation with bitcoin, it also suggests that access remains Hausse.
The last 24 hours alone generated Hyperliquid the highest trading fees among all protocols, currently at $ 3.1 million, exceed Ethereum (ETH)The Throne (TRX)The Solana (sun)and Bitcoin (BTC).
Source: Artemis
In fact, the annual fee generated by Hyperliquid amounted to $ 777 million, an increase of 52% over the past 30 days. Such consistently high trade fees mean that more users actively use the platform.
At the same time, the total value that was locked from $ 289.46 million in early May jumped to $ 505.41 million. This increase of $ 215.95 million suggests that more users are depositing hype in the protocol, which reinforces Hausse judgment.
Source: Defillama
While the Bullish Momentum builds, an analysis of daily transactions and active users showed a continued decline.
At the time of writing, daily transactions decreased to 518 million, while daily active eternal users remained at 24,200.
Source: Artemis
This is a positive sign, considering that the hype in recent days fell from a maximum time to $ 33. This suggests that sales pressure has cooled down considerably and the purchase activity is likely to resume soon.
Dip in Dex volume to $ 415 million, combined with falling transaction activity, suggested that most addresses held – did not sell.
