Key Insights
- Hyperliquid price faced pressure as two whale wallets sold $108.81 million in HYPE tokens.
- Intercontinental Exchange partnered with trade.xyz to pursue regulated U.S. perpetual futures markets.
- HYPE price hovered near $90 despite weekly gains exceeding 16%, according to CoinGecko.
Hyperliquid price traded near $90 on Oct. 31 after two major wallets sold approximately $108.81 million in HYPE tokens. The selling followed a partnership announcement involving Intercontinental Exchange (ICE) and trade.xyz.
The agreement proposed bringing regulated perpetual futures markets into the U.S. through Hyperliquid infrastructure. However, the planned expansion remained subject to regulatory approvals.
CoinGecko data showed HYPE trading near $88.05, down by approximately 3.9% over 24 hours. The token nevertheless maintained weekly gains exceeding 16%.
Hyperliquid Price Faces $108.81M Whale Selling Pressure
Blockchain analytics platform Lookonchain reported two large HYPE transactions on Oct. 31. Together, the wallets sold approximately 1.21 million tokens, representing $108.81 million in reported transaction value.
The first wallet, identified as 0x2685, sold 912,383 HYPE worth approximately $82.09 million. Lookonchain stated that the wallet purchased its holdings about one month earlier. The transaction reportedly generated profits exceeding $10 million.
Another wallet, 0x648F, sold 296,705 HYPE valued at approximately $26.72 million. The second investor reportedly accumulated those holdings 11 months earlier. Lookonchain estimated that the transaction generated $16.5 million in profits.
Combined profits from both transactions exceeded $26.5 million, based on Lookonchain’s estimates.
The transactions introduced fresh selling pressure as Hyperliquid price retreated from its recent peak.
However, the transactions alone did not establish the cause of the broader decline. Market liquidity, derivatives positioning, and wider cryptocurrency movements could also influence HYPE price.
ICE Partnership Expands Hyperliquid’s Institutional Reach
Intercontinental Exchange announced its agreement with trade.xyz on Oct. 29. The company operates the New York Stock Exchange and several major derivatives exchanges.
The partners proposed establishing a regulated U.S. marketplace for perpetual futures using Hyperliquid infrastructure.
Their planned products would cover cryptocurrencies, equities, commodities, foreign exchange, and other financial assets. ICE also announced a strategic investment in trade.xyz without disclosing its value.
The announcement offered a potential long-term development for Hyperliquid price, although regulatory approval remained outstanding.
ICE would operate the regulated markets through a separate clearing and market structure. The arrangement would not replace ICE’s existing institutional futures operations.
The company also planned distribution through established brokerage platforms and its OKX joint venture.
ICE Chief Executive Officer Jeffrey Sprecher described the initiative as an expansion into retail derivatives trading. The company intended to reach traders seeking around-the-clock exposure across financial markets.
However, neither company announced a definitive launch date. The agreement also did not guarantee regulatory clearance or direct institutional purchases of HYPE.
HYPE Price Holds Weekly Gains Despite Market Correction
CoinGecko data showed HYPE trading around $89.94, with a market capitalization near $21.55 billion.
The token recorded a 24-hour trading range between approximately $88.67 and $94.98. Its recent all-time high stood near $97.96. That placed Hyperliquid price roughly 8% below its record despite the newly announced partnership.
Trading activity remained elevated, with CoinGecko recording approximately $2.27 billion in daily volume.
Meanwhile, Hyperliquid appeared among the most searched cryptocurrencies on CoinGecko’s trending rankings. The attention coincided with whale selling and the proposed U.S. market expansion.
The protocol’s HIP-3 framework allows qualified builders to launch perpetual futures markets. Hyperliquid documentation specifies a staking requirement of 500,000 HYPE for deployers.
This requirement connects some market deployment activity directly to demand for the token. However, increased platform activity does not automatically translate into sustained HYPE price appreciation.
Can Hyperliquid Price Recover Toward $98?
The immediate recovery test centered on the $94–$95 region, which CoinGecko identified within its latest trading range. A sustained recovery above that area could bring the $97.96 record back into focus.
Conversely, continued selling below $88.67 could expose the token to further downside. That level marked the lower boundary of CoinGecko’s reported daily trading range.
Hyperliquid price therefore faced competing market forces: large-holder profit-taking and a proposed expansion into U.S.-regulated derivatives.
The next direction depended on sustained buying demand, continued whale activity, and developments surrounding ICE’s regulatory applications.
