On August 26, Hyperliquid’s native token HYPE rose to $83.5, setting a new all-time high. At the time of publication, the token was trading at around $80, up roughly 40% over the past seven days. Its market capitalization reached approximately $20 B.
At the same time, 14.18 M HYPE will be unlocked on August 29, equal to around 1.4% of the total supply. At the current price, this amount is valued at approximately $1.1–1.2 B. Insiders will receive 46.6% of the tokens, the community 46.3%, and another 7% will go to the Hyper Foundation.
HYPE’s rally accelerated on August 19 following US President Donald Trump’s remarks that CFTC Chairman Michael Selig was working to bring Hyperliquid to the US in full compliance with the law. Following the statement, HYPE rose from around $59 to $70 and then continued to climb.
For now, this does not mean that the CFTC has made a decision or that Hyperliquid has been authorized to enter the US market: access for US users to the platform’s frontend remains restricted.
AQAv2 also went live on August 26. The mechanism directs around 90% of the yield generated by USDC reserves into a fund for future HYPE buybacks. Market estimates suggest that, with reserves of around $5 B, the mechanism could generate an additional $135–160 M in annual buyback flow. Hyperliquid has not confirmed these estimates. The first payment into the Assistance Fund is expected on October 3, so the new source of demand has not yet increased actual buyback volume.