Why have Hyperliquid Token HYPE and the open contracts both soared to "historical highs"?

HYPE, the native token of decentralized exchange (DEX) Hyperliquid, rushed to a record high of $36.88 yesterday (23rd). At the same time, the size of open interest (OI) on the Hyperliquid platform also set a new record again, breaking the $9 billion mark yesterday. (Synopsis: Market glue" Many giant whales have opened positions in Hyperliquid with high leverage: bullish on BTC, bearish on ETH? (Background supplement: Hyperliquid EVM ecological mining multiple benefits here!) Which protocols can still earn airdrops? According to CoinGecko data, HYPE, the native token of decentralized exchange (DEX) Hyperliquid, soared to a record high of $36.88 yesterday (23). Although the coin has slightly retreated to $34.57 at the time of writing, it has gained 6.9% in the past 24 hours, and its coin price has increased by 88.9% in the past 1 month. At the same time, the size of open interest (OI) on the Hyperliquid platform also set a new record again, breaking the $9 billion mark yesterday, indicating that the platform's influence in the cryptocurrency market continues to expand. Why has Hyperliquid risen so much recently? Hyperliquid's token price and open interest both soared, perhaps mainly driven by the recent rally in the cryptocurrency market as a whole. First, Bitcoin (BTC) continued its all-time high this week, officially breaking the $110,000 mark. Hyperliquid attracted significant inflows, especially Bitcoin derivatives trading, which accounted for more than 40% of the platform's open interest, amounting to $4.2 billion. In addition, the activity of highly leveraged trading on the platform has also pushed up the size of its open interest. For example, well-known trader James Wynn opened a long position of $1 billion with 40x leverage during Bitcoin's rally and took profits before the price retreated. This high-risk, high-reward trading strategy not only attracts more speculators to enter, but also further drives Hyperliquid's trading volume and daily income. What is Hyperliquid? Hyperliquid is a decentralized exchange built on its own Layer 1 blockchain, and its core features include: Own Layer 1 blockchain: Hyperliquid uses independent blockchain technology to achieve fast transaction settlement and low handling fees. Diversity of perpetual contracts: The platform supports perpetual contract trading of a variety of digital assets, including Bitcoin, Ethereum, Solana, XRP and Memecoin. High Leverage Trading: Hyperliquid allows high leverage operations, attracting a large number of professional traders and speculators. Decentralization and transparency: As a DEX, Hyperliquid emphasizes the self-management of user assets and transaction transparency, without relying on centralized intermediaries. It's worth noting, though, that Hyperliquid has faced serious challenges before. For example, in March this year, the high-leverage trading whale on Hyperliquid staged an active liquidation drama, resulting in a major loss to the Hyperliquid treasury (HLP), an amount of about $4 million, and the price of HYPE coins also plummeted. Extended reading: Hyperliquid Horror Night" giant whale again play "malicious explosion" official once floating loss of tens of millions of magnesium, capital flight danger broke the root Related reports ZachXBT reveals Hyperliquid 50 times leverage whale: actually a criminal who gambles with stolen money! 50 times long ETH whale "burst positions but happy to earn" 2 million US dollars! What happened when one person brought down Hyperliquid and left a huge bad debt? Weekly revenue surpasses Pumpfun, how to value Hyperliquid (HYPE)? 〈Hyperliquid token HYPE and open interest both soared to "all-time highs", what is the reason behind it? This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".