Hyperliquid’s HYPE token outperformed bitcoin and the broader market as traders flocked to the decentralized exchange over the weekend, placing bullish bets on TradFi-linked futures amid rising tensions in the Middle East.
HYPE has risen further up to 5% in the last 24 hours as the explosion in platform activity led to a higher token burn rate, countering fears of an imminent $316 million token unlock. Meanwhile, Bitcoin fell 0.7% to $66,700. The CoinDesk 20 index, a broader market indicator, has fallen 1.7% to 1,937 points.
Hyperliquid’s fee mechanism funnels a portion of trading fees directly into HYPE buybacks and burns. Therefore, spikes in activity, such as the weekend rush into oil futures, lead to an increase in fee income and dramatically reduce the circulating supply of the token.
The protocol has earned $2.8 million in fees in the last 24 hours and more than $13 million in a week, according to data source Defillama. It has burned $9.22 million worth of tokens in the last seven days, an increase of 20.4% from the previous period.
This has diverted attention from token unlocking: approximately 9.92 million HYPE are scheduled to be unlocked this week, equivalent to approximately 2.7% of the released supply. Since historical unlocks often result in smaller than projected launches, according to data tracked by Tokenomist, traders appear to be betting that the net circulating supply will not expand significantly.
Jupiter’s JUP token (up 13% in the past week and largely flat over 24 hours) has attracted similar attention after its holders, in a governance vote in late February, approved eliminating net new issuances for 2026, shelving planned token distributions and preventing any additional JUP from entering circulation this year, reinforcing the same supply discipline narrative that now drives the selective strength of tokens. altcoins.
