When the parent company of the New York Stock Exchange began collaborating with Hyperliquid, the logic behind HYPE's rise was no longer confined to the cryptocurrency market.
In early November, HYPE's price rebounded to around $88, just a step away from the $100 mark. In the past week, HYPE’s increase momentarily reached double digits, showcasing strong resilience amidst the fluctuating overall market performance.
Behind this round of price increases, an important catalyst comes from a traditional financial giant.
On October 29, the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), announced an agreement with Trade[XYZ], planning to launch a regulated perpetual contract market in the U.S. based on the Hyperliquid infrastructure. After the announcement, HYPE surged about 15%, prompting the market to reassess Hyperliquid's potential position in the traditional financial market. 
ICE's entry, Hyperliquid is no longer just a cryptocurrency trading platform
According to the agreement, Trade[XYZ] is responsible for designing and developing the related market, Hyperliquid provides the underlying technology through HIP-3, and ICE plans to oversee the regulated trading and clearing system.
The future market coverage is expected to include cryptocurrencies, stocks, indices, commodities, and foreign exchange, supporting round-the-clock trading.
The significance of this collaboration is that traditional financial institutions are beginning to try to introduce on-chain perpetual contracts into the U.S. regulated market. Hyperliquid provides not only a cryptocurrency trading venue but may also become the infrastructure for price discovery and trading of traditional assets on-chain.
However, the new market still requires relevant regulatory approvals and cannot yet be considered officially launched.
Buybacks and destruction of tokens, supporting the fundamentals of HYPE
In addition to the ICE collaboration, Hyperliquid's own revenue mechanism is also a key focus for the market.
The platform uses a significant portion of its protocol revenue for buybacks and destruction of HYPE, thus linking transaction fees to changes in token supply. The higher the platform's revenue, the more funds are theoretically available for buybacks.
Meanwhile, Hyperliquid continues to expand its third-party market through HIP-3, and the types of tradable assets have extended from crypto assets to stocks, commodities, and contracts related to Pre-IPO companies.
This means the platform is attempting to break free from a single revenue structure based on cryptocurrency perpetual contract trading and is expanding into a broader on-chain financial market.
Institutional participation is also increasing. Bitwise has launched a spot HYPE ETF (BHYP), providing traditional securities account investors access to HYPE and plans to participate in staking through fund holdings.
Approaching $100, large-scale selling becoming a short-term variable
However, HYPE's rise has not been without resistance.
Market data from early November showed HYPE trading around $88, with $94 and the previous historical high of about $98 providing significant resistance. Further attempts to breach $100 will still require new buying support.
What is even more concerning is the behavior of large players. Recently, two large wallets collectively sold approximately $109 million worth of HYPE, and the selling pressure briefly exceeded the support that buybacks and ETF purchases could provide. The presence of institutional products does not guarantee sustained net inflows of capital.
For high-attention assets like this, on-chain fund flows, order book depth, and changes in large orders often hold more reference value than simply observing price movements. Concentrated buying by large players may drive short-term market movements, but large sell orders may quickly shift market expectations.
The current core contradiction of HYPE is the long-term imagination space brought by traditional financial cooperation versus the short-term selling by large players.
The collaboration with ICE opens up new market entry points for Hyperliquid, while buybacks and institutional products provide additional support. However, $100 is not the only indicator to watch; what is more important moving forward is the progress of regulatory approvals, the platform’s actual trading revenue, and whether large players will shift back to net buying.
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