HYPE Price Forecast: US approval for perpetual futures sought by Hyperliquid Strategies

• An application for FCM registration by Hyperliquid Strategies seeks permission to offer US customers perpetual futures markets using Hyperliquid's infrastructure.
• Of the $911 million raised in Q3, the company used $785 million to purchase 9.1 million HYPE tokens and bought back 2.7 million PURR shares.
• The 100-day EMA near $78 presents resistance for HYPE.

An 8% decline in Hyperliquid (HYPE) on Friday followed an application by Hyperliquid Strategies (PURR) to register as a futures commission merchant (FCM). The filing seeks regulatory permission to offer perpetual futures markets to US customers.

Hyperliquid Strategies seeks entry into US derivatives market

Details of the application appeared in the company's Q3 financial results published on Thursday. Subject to regulatory approval, Hyperliquid Strategies plans to use a subsidiary to carry US customer accounts for permissioned markets established under Hyperliquid's proposed HIP-3 framework.

Under the proposed structure, independent operators could establish and run markets using Hyperliquid's infrastructure while complying with applicable regulatory requirements. The blockchain underpinning those markets would retain its role as a neutral infrastructure layer.

According to Hyperliquid Strategies CEO David Schamis, the company deployed $802 million over the quarter. He said the FCM application formed part of its push to bring markets running on Hyperliquid onshore.

Schamis said: “Owning HYPE is how we aim to capture economics associated with the Hyperliquid protocol; setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore,”

Before submitting the application, Hyperliquid Strategies secured $911 million in equity capital during Q3. It allocated $785 million to buying 9.1 million HYPE tokens and $17 million to repurchasing 2.7 million PURR shares.

By September 30, the company's treasury holdings had risen to approximately 38.5 million HYPE, compared with 29.3 million HYPE in June. It also disclosed cash and cash-like instruments of $254.6 million, with no debt outstanding.

An earlier decision by Hyperliquid Strategies lifted its share buyback authorisation to $100 million from $30 million and prolonged the programme until October 31, 2027.

Hyperliquid whale wallets take $5 million in profits as HYPE rally loses momentum

Renewed selling pressure on HYPE provides the backdrop to the regulatory announcement, after a rally briefly took the token to $97.

According to blockchain analytics platform Santiment, which reported the activity on Thursday, four large whale wallets closed long positions in HYPE following the rally, taking combined profits of approximately $5 million.

Drawing on Score Arena data, Santiment singled out a wallet that began accumulating HYPE in late May and subsequently liquidated its full position of 310,000 tokens. With the token trading between $94 and $95, the address reportedly sold approximately $225,000 worth of HYPE at five-minute intervals, ultimately taking around $2.4 million in profits.

Shortly after the rally, two further wallets closed their positions. Trading 98,000 HYPE reportedly earned one approximately $987,000 in profits; the other made nearly $1 million from approximately 140,000 tokens.

Before these sales, billionaire investor Stanley Druckenmiller had invested in Trade[XYZ], a trading platform constructed on Hyperliquid.

Those gains have since unwound, leaving HYPE trading around $77 at the time of writing, an 8% decline over the past 24 hours.

Hyperliquid technical outlook: 100-day EMA caps HYPE's advance

At $77 on the daily chart, HYPE remains beneath its short- and medium-term Exponential Moving Averages (EMAs), leaving the near-term bias bearish. Following the recent rejection from the descending trendline region, the Relative Strength Index (RSI) reading of 41 and a subdued Stochastic reading near 15 point to weak upward momentum.

The horizontal level near $75.69 offers the first downside support. If selling persists, further support lies at $67.63 and $61.16. Any recovery would first encounter the 100-day EMA at $78.10, before reaching the cluster of 20- and 50-day EMAs around $82.33–$82.51 and the area of the broken descending trendline. Further resistance stands at $85.04 and $97.84.

(The technical analysis of this story was written with the help of an AI tool. Know more.)