On-chain data shows HYPE rose 108% from its January 21 yearly low, reaching $45 on April 15—the highest level since late 2025. On-chain analysis reveals weak spot buying, with a CVD of -$41.48 million, indicating the rally is driven by passive demand. Futures CVD remains near -$748 million, while open interest climbed to $1.38 billion. Arthur Hayes expects HYPE to reach $150 by August if Hyperliquid gains additional market share. HYPE is currently trading at $43.5, 27% below its peak. Analysts warn that fading momentum could trigger sharp volatility from liquidations.

BlockBeats news, on April 15, according to Cointelegraph, Hyperliquid’s native token HYPE retested $45 on Tuesday, reaching its highest level since October 31, 2025. This rally represents a 108% increase since the annual low of $21 on January 21.

However, market signals are diverging:

Weak spot buying: Spot cumulative volume delta (CVD) has dropped to -$41.48 million, diverging from the price increase, indicating that the rally is primarily driven by passive demand rather than aggressive spot buying.

Futures sentiment remains cautious: Futures CVD has remained flat near -$748 million over the past month; although open interest (OI) has risen to $1.38 billion, the weak futures CVD indicates traders lack confidence in chasing price rallies.

Additionally, BitMEX co-founder Arthur Hayes predicts that if Hyperliquid continues to gain market share from centralized exchanges, HYPE could rise by 200% to $150 by August this year.

HYPE is currently trading at $43.50, 27% below its all-time high of $59. Analysts warn that if the bullish momentum fades, the market may become more susceptible to sharp price swings driven by liquidations.

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