HYPE Token Surges Over 20% in 24 Hours Following Trump Statement

• Donald Trump said that CFTC Chair Michael Selig is working on a way for Hyperliquid to legally enter the U.S. market.
• Following the statement, the HYPE token climbed above $72, and its market cap topped $18 billion.
• Analysts also pointed to heavy losses by one HYPE trader and a $9.65 million transfer in HYPE tokens from Multicoin Capital to Coinbase Prime.

U.S. President Donald Trump said that Commodity Futures Trading Commission (CFTC) Chair Michael Selig is working on a way to bring the decentralized derivatives exchange Hyperliquid to the U.S. market through legal channels.

According to Trump, in May, Selig authorized the first-ever “real” perpetual bitcoin futures contract on an exchange registered with the CFTC. The politician also noted that “Selig is working on Hyperliquid.”

Against the backdrop of the U.S. president’s statement, the HYPE token surged. Over the past day, its value rose by about 25%, and the price moved above $72. The asset’s market cap exceeded $18 billion, according to CoinMarketCap.

CZ Called Hyperliquid “an Icebreaker”

Binance founder Changpeng Zhao (CZ), commenting on Trump’s mention of Hyperliquid, said that the platform’s legal entry into the U.S. market would be a major win for the entire crypto industry.

According to him, Hyperliquid could set an example for other decentralized services and open the door for them to operate in the U.S. CZ called Hyperliquid “an icebreaker” that, after clearing the regulatory barrier, could pave the way for other companies.

He also noted that Hyperliquid’s success would benefit not only the platform itself, but also other companies, including centralized cryptocurrency exchanges.

Trader Lost More Than $60 Million on HYPE

Amid HYPE’s rapid rise, analytics platform Lookonchain drew attention to trader loracle.hl, who, according to its data, has lost more than $60 million in total on trades involving the token.

In June, a trader lost about $46 million on HYPE short positions. After that, he opened long positions and lost another $2.33 million. Later, the trader opened short positions again. At the time of publication, his loss on those positions stood at about $11.8 million.

Thus, according to Lookonchain, the trader incurred losses both when betting on HYPE’s rise and when betting on its decline.

Meanwhile, investment firm Multicoin Capital transferred 136,174 HYPE worth about $9.65 million to Coinbase Prime.

As a reminder, earlier Multicoin Capital forecast that HYPE would rise above $300 by 2028.

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