Hyperliquid price has stayed resilient above key support levels despite a $340 million token unlock and wider crypto market weakness.

Despite a decline in the overall cryptocurrency market, Hyperliquid is up 2.9% on the day, trading at $34.80 at the time of writing. Most top-100 tokens posted losses, yet HYPE continued to attract buyers, maintaining a strong multi-week run.

The token is up 20% over the past seven days, 25% over the past month, and 36% year-over-year. Over the last week, Hyperliquid (HYPE) has traded between $28.23 and $37.84, showing wide but controlled price movement. Trading activity has surged alongside price, with daily volume jumping 65% to $1.31 billion.

Derivatives data support this trend. As per CoinGlass data, futures volume rose 33% to $5.43 billion, while open interest increased 2.3% to $1.59 billion. Rising price alongside growing open interest points to fresh positioning rather than short covering.

Token unlock pressure meets structural demand

On Feb. 6, roughly 9.92 million HYPE tokens were unlocked, roughly 2.8% of the circulating supply. At current prices, that equals about $340 million. The market absorbed the supply without experiencing major price fluctuations despite the large number of tokens entering circulation. 

According to Tokenomist data, approximately 395 million HYPE, or 40% of the entire supply, have already been made available. The majority of these tokens were reserved for distribution to the community, early ecosystem incentives, and core contributors. 

In a significant change, Hyperliquid also cut the number of team-related unlocks by 90%, resulting in a February allocation of about 140,000 HYPE, or about $4.5 million, instead of 1.2 million tokens. Monthly unlocks of around 9.9 million HYPE are expected through late 2027, though reduced team allocations could continue.

To offset supply pressure, the protocol uses an Assistance Fund that converts about 97% of trading fees into HYPE buybacks. Hyperliquid just posted a record $29 billion in 24-hour trading volume, generating close to $6 million in fees that feed directly into this mechanism.

Another tailwind came on Feb. 5, when Coinbase announced spot trading for HYPE/USD. Trading went live the same day, marking HYPE’s first appearance on a major U.S. exchange.

While HYPE had already been listed on Kraken and Gemini, Coinbase’s reach is often seen as more impactful, especially since it attracts U.S.-based institutional traders.

Hyperliquid price technical analysis

Technically, Hyperliquid’s bullish structure is still present. Price continues to hold above the former range high around $32–33, a level that has flipped into support. This area has now absorbed both market-wide weakness and the recent unlock.

Buyers are taking advantage of pullbacks, as shown by a distinct sequence of higher lows. Since the breakout, the 20-day moving average has served as dynamic support, and the price is still above it. 

Bollinger Bands tightened following the initial rally, suggesting consolidation as opposed to distribution. The relative strength index is above 60, indicating that although momentum has slowed, buyers are still in charge of the trend. 

Downside follow-through after the unlock has been limited. Price hasn’t slipped back into the prior range, and recent red candles are small. This behavior suggests that much of the supply was priced in ahead of time.

If HYPE continues to hold above the $32–33 zone, the setup favors continuation toward the $38–40 area, especially if exchange-driven demand persists. Although the current structure still favors buyers, a clean daily close below that support would weaken the setup and pave the way for a deeper pullback.

U.S. Senator Cynthia Lummis said banks should embrace digital assets rather than resist them, arguing that cryptocurrencies and stablecoins offer new products and revenue opportunities for traditional financial institutions.

In a Fox News interview shared on X, the Wyoming Republican said blockchain-based payments can make financial services faster and cheaper while expanding what banks can offer their customers.

Lummis says digital assets offer new opportunities for banks

“One of the things I don’t understand about the bank’s resistance is this gives them an entirely new financial product that they can offer to their customers,” Lummis said.

She pointed to digital asset custody and stablecoin payments as areas where banks could play a larger role.

“Whether it’s custody of digital assets, which three states already allow, or the use of stablecoins as a payment mechanism that’s faster and cheaper than a debit card,” she said, banks stand to benefit.

Faster and cheaper payments for consumers

Lummis emphasized that the primary benefit of digital assets would be felt by consumers. She said blockchain technology allows money to move more efficiently than existing banking infrastructure, especially for cross-border payments.

“For consumers, it’s going to be faster and cheaper to do business, whether it’s across the country or overseas,” she said. “Money can be transmitted on the blockchain more quickly than it can if you’re going through existing bank structures.”

She argued that these efficiencies could lower costs for everyday transactions and international transfers. She also noted that lawmakers and regulators have been working to ensure consumer protection as digital assets become more widely used.

“We want to make sure that not only is it faster and cheaper, but that it’s still safe,” she said. Lummis added that discussions with the Federal Reserve have focused on ensuring appropriate safety mechanisms are in place.

The senator framed digital assets as a natural evolution of financial services rather than a threat to the existing system. She said a range of stakeholders are working to integrate blockchain-based products into modern finance.

“There are a lot of interested parties in making sure that as we integrate this into the 21st century financial services industry, that it integrates beautifully,” she said.

BlackRock’s iShares Bitcoin Trust ETF has hit a new all-time high in daily trading volume as the bellwether cryptocurrency posted one of its largest intraday drops on Thursday.

As noted by Bloomberg ETF analyst Eric Balchunas, IBIT reportedly “crushed its daily volume record” on Feb. 5 as nearly $10 billion worth of shares were traded.

Last time the fund posted a volume record was on Nov. 21, when it saw $8 billion in volume, and over the past several trading sessions, it has recorded daily volumes above $5 billion.

Thursday also marked the ETF’s “second-worst daily price drop since it launched,” as it fell 13% on the day.

As of Feb 4, IBIT recorded outflows totaling $373.4 million following two subsequent days of inflows where over $200 million had flowed in. Likewise, it has struggled to maintain a steady inflow pattern, primarily due to Bitcoin’s persistent downtrend since its October all-time high of $126,080.

According to Unlimited Funds chief asset manager Bob Elliot, by last week’s close, IBIT was already underwater on average investment cost, with many holders sitting on losses.

Bitcoin (BTC) has dropped over 49% since hitting its all-time high, and has posted one of its largest single-day drops on Thursday as it fell by 15% from $73,100 at open to a low near $62,400.

Risk sentiment seems to have faded from the market as investors reacted to weak jobs data and tightening macroeconomic and geopolitical factors, alongside concerns over artificial intelligence sector-related spending.

The situation could worsen from here on, as Bitcoin has slashed through multiple key support areas and was trading just above $64,800 at press time.

According to Bloomberg analysts, the recent global market stress could push Bitcoin as low as $10,000 as the current situation bears similarities to the 2008 financial crisis and the 2000–2001 dot-com downturn.

The week of February 1-7, 2026, recorded $251.9 million in crypto VC funding across 12 projects, with Anchorage Digital’s $100 million strategic round leading.

Here’s a deep dive into this week’s crypto funding activity as per Cryptofundraising data.

Anchorage Digital

• Anchorage Digital raised $100 million in a strategic round
• Backed by Tether
• Anchorage Digital is a regulated global crypto platform
• The project has raised $587 million so far

TRM Labs

• Secured $70 million in a Series C round
• Fully diluted valuation of $1 billion
• Investors include Blockchain Capital, CMTDigital, and Goldman Sachs
• TRM Labs is a blockchain intelligence company and has raised $219.9 million so far

Jupiter

• Raised $35 million in a strategic round
• Jupiter is a Solana-based decentralized exchange aggregator

Bluff

• Bluff gathered $21 million in a strategic round
• Backed by 1k(x), Makers Fund, and MEV Maximum Extraction
• Bluff is a social-centric betting and entertainment platform

BTC, ETH, BNB, and XRP prices continued their freefall on Friday, triggering over $2.5 billion in liquidations across leveraged markets.

According to data from crypto.news, Bitcoin (BTC) price fell 18% from Thursday’s high of $73,639 to an intraday low of $60,255 on Friday morning. This marked its lowest level since October 2024. While it has recovered from part of its losses, trading around $64,600 at press time, it remains 34% below this year’s high of $97,538.

Ethereum (ETH) price fell 10% to a nine-month low of $1,756 before settling at a little above $1,900, down 10% over the past 24 hours. The largest altcoin by market cap had fallen 43.6% from its yearly high. BNB (BNB) fell under $600 before recovering the support zone and standing 11% lower on the day.

Other large-cap cryptocurrencies such as XRP (XRP), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) remained with losses ranging between 12-16%. Some of the top laggards of the day were LEO Token (LEO), Monero (XMR), and Official Trump (TRUMP). Altogether, the crypto market fell 8.2% to $2.27 trillion at the time of writing.

The market drop triggered massive liquidations across leveraged markets. Data from CoinGlass shows that over $2.6 billion worth of positions were liquidated in the past 24 hours, with $2.31 billion, roughly 89%, stemming from long positions. 

Bitcoin led the carnage with $1.08 billion in long wipeouts, followed by Ethereum at nearly $455 million. In total, approximately 590,810 traders were liquidated, including a single $12 million position on Binance.

The primary catalysts triggering today’s liquidations were Bitcoin’s drop below $70,000 and subsequently $65,000, where large clusters of leveraged long positions were located.

When a leading asset loses major key support levels where bullish bets are concentrated, they trigger forced sell orders, which can quickly develop into a liquidation cascade that is a self-reinforcing loop of falling prices. Bitcoin’s sharp decline effectively pulled the floor out from under other large-cap digital assets.

Notably, the largest crypto asset has fallen over 20% so far this week as it suffers from the weakness in U.S. tech stocks such as Microsoft, AMD, and Nvidia.

Microsoft shares stood over 8% lower in the past five days, while chip-making giants AMD and Nvidia shares were down 18.5% and 10%, respectively, over the same period. These declines come amid disappointing earnings and concerns related to heavy AI infrastructure spending. AI-based cryptocurrencies have been some of the leading losers of the day, with the sector as a whole down 42% in the past 24 hours.

Risk sentiment was also hurt as investors reacted to weak U.S. jobs data, including rising unemployment claims that raise doubts about sustained economic strength and potential Fed caution on aggressive rate cuts this year.

Waning institutional demand has added another layer of pressure to already fragile retail confidence. Most notably, spot Bitcoin ETFs faced a brutal three-day streak of outflows, with investors pulling over $1.2 billion from the funds. 

Compounding this bearish momentum, World Liberty Financial, the crypto venture backed by the Trump family, reportedly offloaded more than $5 million in Bitcoin holdings just a day before the crash.

In the midst of the market bloodbath, the Crypto Fear and Greed Index plunged to a score of 9 on Friday, signaling extreme fear among investors and marking the lowest level recorded in over three and a half years. The last time the sentiment score fell this low was during the catastrophic Terra blockchain collapse of 2022.

Japan’s Metaplanet will continue buying Bitcoin even as the crypto market downturn has weighed heavily on the company’s shares.

As Bitcoin price touched $60,000 around the Asia open, Metaplanet CEO Simon Gerovich took to X to reaffirm the company’s decision to continue stockpiling the flagship cryptocurrency.

“We are fully aware that, given the recent stock price trends, our shareholders continue to face a challenging situation,” Gerovich wrote, before adding that the current market scenario will not affect Metaplanet’s Bitcoin buying strategy.

“We will steadily continue to accumulate Bitcoin, expand revenue, and prepare for the next phase of growth,” Gerovich said.

Metaplanet shares were down over 6% at the time of writing after falling from the day’s open. Losses have been more prominent over the past six months, with the stock dropping more than 63.4% over that period.

Bitcoin is down over 47% from its all-time high as of press time, but the persistent downturn over the past month did not deter Metaplanet from inflating its reserves.

Throughout the last quarter of 2025, Metaplanet acquired roughly $451 million worth of the largest cryptocurrency, which pushed its total holdings to 35,102 BTC.

According to data from Bitcoin Treasuries, the company’s average cost of acquisition is around $107,716. That puts the company at an unrealized loss of nearly 39% based on current prices.

Metaplanet is not the only Bitcoin hoarder that is currently underwater, as Strategy, the largest corporate holder, reported a $12.6 billion net loss for Q4 2025. With an average acquisition cost of $76,052 per BTC, its holdings are also in the red, with losses of over 13%.

However, like Gerovich, Strategy CEO Michael Saylor has assured that the company will continue buying Bitcoin and even dismissed fears of liquidation by noting that BTC would have to crash to $8,000 before it becomes a concern.

Metaplanet, on the other hand, is gearing up to raise as much as $137 million using a combination of common shares and stock acquisition rights to fatten its reserves and reduce debt.

The announcement, however, did not bode well with company shareholders, as the company’s stock fell by over 3.5% on the day.

Tether has made a $150 million strategic investment in precious metals platform Gold.com, acquiring a roughly 12% stake as part of a broader push to expand access to both tokenized and physical gold.

The investment is aimed at strengthening XAU₮, Tether’s gold-backed digital asset, which is pegged to physical gold held in reserve.

XAU₮ is one of the largest tokenized gold stablecoins in terms of market share, and the investment boosts its global credibility and distribution.

Tether deepens push into tokenized gold

As part of the partnership, Gold.com agreed to invest $20 million from the proceeds into XAU₮, further aligning both firms’ interests.

“Our investment in Gold.com reflects a long-term belief that gold should be as accessible, transferable, and usable as modern digital money, without compromising on physical backing or ownership,” said Paolo Ardoino, CEO of Tether.

The news comes as Tether has been steadily accumulating bullion in secure Swiss vaults, buying more than a ton of gold each week to support its stablecoin and gold-backed products. Tether now holds approximately 140 tons of physical gold valued at about $23 billion.

Under the agreement, Tether will purchase approximately 3.37 million common shares at a discount to recent market prices and will be entitled to nominate a board member at Gold.com.

The companies also plan to explore commercial arrangements, including promoting Tether stablecoins on Gold.com’s platform and enabling gold purchases with digital currencies such as USD₮ and USA₮.

For context, Gold.com is a vertically integrated alternative assets platform that offers a broad range of precious metals, numismatic coins, and collectibles. Founded in 1965, the company operates across the U.S. and international markets.

Greg Roberts, CEO of Gold.com, said the investment “builds upon Gold.com’s 60+ year legacy and expands our reach beyond traditional bullion into digital gold and stablecoins,” adding that the capital will help strengthen the company’s offerings and support future innovation.

The deal reflects broader trends in tokenizing real-world assets, as investors and issuers increasingly seek to merge physical commodities with blockchain-based financial infrastructure.