I noticed an interesting trend — while the entire market is bleeding, HYPE from Hyperliquid is growing like crazy. Over the past seven days, the token has gained 18%, while Bitcoin is barely holding at $72.93K, and ether and altcoins are falling even more sharply. This is no coincidence.

It’s all about HIP-3 — a proposal that was launched in October. The essence is simple: anyone can create a market for crypto, stocks, gold — all you need is a collateral of 500K HYPE tokens. This turned the situation around. Hyperliquid’s decentralized markets have reached $1 billion in open interest; daily volume has surpassed $4.8 billion. This is quite the surge.

Now people are calling HYPE a “defensive investment” — like pharmaceutical stocks that are stable during a crisis. Against the backdrop of the general panic, it looks very appealing.

As for Bitcoin itself and the technical analysis of cryptocurrencies — the picture isn’t great. BTC fell by more than 11% last week, breaking through the Ichimoku cloud on the weekly chart. This is a classic signal of a trend reversal from bullish to bearish. Critical support is now at $74K; if we break it, there’s a risk of returning to $69K ( the 2021 maximum ).

According to the technical analysis of cryptocurrencies, the level $80K is the nearest resistance; a decisive breakout above it could provide short-term relief. But for now, liquidity is thin, and any sudden move could reverse in the other direction.

Overall, technical analysis shows that we’re in a fragile equilibrium. Spot BTC ETFs withdrew $509.7 million yesterday, which adds bearish pressure. But interestingly, amid all this chaos, HYPE remains one of the few assets that doesn’t blindly track Bitcoin’s decline. A rare opportunity for diversification in a market that now seems one-dimensional. I’ll keep an eye on how things develop — if the crisis deepens, even “sanctuaries” could waver.