Bitcoin remains below its 200-day simple moving average even as the Clarity Act moves to a Senate vote. Meanwhile, alternative cryptocurrencies are showing notable gains. Hyperliquid’s $HYPE token surged 16% in the past 24 hours, trading near $45 and briefly touching $47, its highest point since October. The rally follows two major developments: the launch of Bitwise’s Hyperliquid ETF and Coinbase’s announcement that it will serve as the official treasury deployer for $USDC stablecoin on Hyperledger Fabric.
Hyperliquid’s rise as a weekend trading hub
Hyperliquid, a decentralized exchange, has become a key platform for trading tokenized and traditional finance-linked assets, especially during weekends when conventional markets are closed. The platform’s pre-IPO asset CBRS, which anticipated Cerebras’s stock-market debut on Thursday, recorded over $280 million in trading volume over the last day. That makes it the ninth most traded asset on the exchange.
Other altcoins gain ground
Flare Network’s FLR token rose 14%, and Unibase’s UB gained 11% in the same period. In traditional markets, gold dropped 2% while Treasury yields climbed to 12-month highs. The Dollar Index extended its winning streak to four days.
Context on derivatives and market sentiment
Derivatives positioning continues to draw attention as traders watch for shifts in leverage and open interest. Some analysts suggest the altcoin rally may reflect a short-term rotation away from bitcoin, though the overall market remains cautious given macro headwinds.
I think it is still early to call this a sustained trend. But for now, Hyperliquid and a handful of others are stealing the spotlight.
