Hyperliquid Pulls Back 3% After ATH: Can $70B Volume Keep HYPE Bullish?
- HYPE fell 3% after reaching an ATH, but strong momentum remains intact.
- Hyperliquid recorded roughly $70 billion in weekly perpetual trading volume.
- Open interest increased $1 billion, signaling continued trader participation despite rising volatility risks.
Hyperliquid has reached a crucial moment after posting another record weekly close. HYPE entered price discovery before slipping 3% during the latest session. The pullback has raised questions about whether buyers can maintain control. Yet, strong trading activity continues to support the bullish case. Weekly perpetual volume reached roughly $70 billion. Open interest also climbed by $1 billion. These figures suggest traders remain active despite the recent market cooldown.
HYPE Pullback Tests Strong Bullish Momentum
The broader crypto market enjoyed a powerful week from August 19 through 23. Large-cap cryptocurrencies posted several green daily and weekly candles. Total crypto market capitalization also gained more than $480 billion. Bitcoin attracted over 62% of those inflows. The concentration around Bitcoin shows that capital remains selective. Still, HYPE delivered impressive relative strength during the same period. Hyperliquid closed the week at a fresh all-time high. That move pushed the token into a price discovery phase.
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