HYPE token surges after $888 million Wall Street-backed merger

Hyperliquid’s HYPE token has defied broader market sentiment, climbing over 7% over the past 24 hours, even as Bitcoin and Gold suffered pullbacks throughout this ￰0￱ fall for Bitcoin and Gold has been attributed to profit-taking across the ￰1￱ HYPE token sustained growth amid a broader bearish market sentiment, following the reverse merger between Sonnet Bio Therapeutics and a private entity, Rorschach I LLC, valued at $888 million, which created Hyperliquid Strategies Inc. (HSI). The newly formed company will manage a digital asset treasury, acquiring more HYPE ￰2￱ token jumps over 7% today as Bitcoin slumps over 2% this week Based on CoinMarketCap data , Hyperliquid’s native token HYPE has climbed over 7% today, trading at $37.24, which represents a 7.25% jump over the past 24 hours at the time of publication.

Bitcoin, on the other hand, slumped throughout this week with a 2.07% drop and struggles today with a positive 0.33% change, trading at $108,848.27 at the time of ￰3￱ bearish sentiment has also caught up with Gold, which has experienced a sudden drop this week after a sustained period of bullish ￰4￱ metal price declined by over 5% this week and continued to drop by 0.2% ￰5￱ to a filing to the SEC on October 22, Hyperliquid Strategies ￰6￱ launch a digital asset treasury platform, valuing it at roughly $583 million in ￰7￱ firm will raise an additional 1$ billion through an offering of 160 million new shares. A portion of the funds will be used to purchase additional HYPE ￰8￱ Thakral, CEO of BuyUCoin, noted that when a digital asset treasury buys a significant amount of an asset, that’s a bullish signal as institutions tend to hold longer than retail investors, which provides stability and long-term ￰9￱ investors have increased their exposure to DeFi projects significantly through Bitcoin and Ethereum ETFs, primarily driven by the search for yield and ￰10￱ to a recent Cryptopolitan report , BTC and ETH ETFs have continued to experience sustained outflows, which may have contributed to the current bearish sentiment surrounding these ￰11￱ data shows that US BTC ETFs have shed off roughly $101.29 million as of today, while US ETH ETFs have experienced $18.77 million in ￰12￱ that, trading volumes have remained strong, suggesting that investors are reallocating funds towards more flexible ￰13￱ Strategies’ merger boosts HYPE’s institutional appeal Hyperliquid Strategies Inc.

(HSI) appeals to Hyperliquid’s perpetual futures model, which allows investors to speculate with leverage while maintaining token ￰14￱ approach taps into centralized efficiency and blockchain ￰15￱ has continued to receive validation from other established DeFi ￰16￱ instance, early this month, the MetaMask exchange added native support for Hyperliquid swaps, which allows users to make trades directly from their wallets, thereby expanding HYPE’s ￰17￱ latest merger involving Sonnet Bio Therapeutics and Rorschach I LLC deepens the institutional validation of the ecosystem and may potentially transform Hyperliquid into a recognized institutional trading ￰18￱ HYPE’s growth, BNB Chain’s Aster has lost over 40% of its value this ￰19￱ had maintained competition as one of the top-performing DEX tokens, offering competition to ￰20￱ token peaked near $2.5 last month but has since been dropping, losing 42% of its value this month and 4.5% today alone, trading at $1.

The Ethereum token has shed over 7% this month, currently trading below its September highs of over $4,000. The token was volatile, maintaining a positive 0.33% change over the past 24 hours, trading at $3,881.14 at the time of ￰21￱ token’s market cap has also dropped below half a billion, trading at just $467 billion with a sustained daily average volume of $42.62 ￰22￱ you're reading this, you’re already ￰23￱ there with our newsletter .