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

• To offer US customers perpetual futures markets on Hyperliquid's infrastructure, Hyperliquid Strategies applied for FCM registration and is seeking regulatory approval.
• $911 million was raised by the company in Q3. It allocated $785 million to purchase 9.1 million HYPE tokens and bought back 2.7 million PURR shares.
• Near $78, the 100-day EMA presents resistance for HYPE.

8% was Hyperliquid's (HYPE) decline on Friday. The fall followed an application by Hyperliquid Strategies (PURR) to register as a futures commission merchant (FCM), as it seeks regulatory permission to offer perpetual futures markets to US customers.

Hyperliquid Strategies seeks US derivatives access

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 proposal, independent operators could establish and run markets using Hyperliquid's infrastructure while complying with applicable regulatory requirements. The blockchain underpinning those markets would remain a neutral infrastructure layer.

According to Hyperliquid Strategies CEO David Schamis, the company put $802 million to work during the quarter. Its FCM application forms part of an effort to bring markets operating 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. Of that, $785 million went towards buying 9.1 million HYPE tokens, while $17 million funded the repurchase of 2.7 million PURR shares.

By 30 September, its treasury held approximately 38.5 million HYPE, up from 29.3 million HYPE in June. Reported cash and cash-like instruments totalled $254.6 million, with no debt outstanding.

An earlier change lifted Hyperliquid Strategies' share repurchase authorisation to $100 million from $30 million and extended the programme until 31 October 2027.

$5 million in profits: Hyperliquid whales exit as HYPE rally fades

Renewed selling pressure on HYPE provides the backdrop to the regulatory development. An earlier rally had briefly taken the token to $97.

On Thursday, blockchain analytics platform Santiment reported that four large whale wallets had exited their HYPE long positions. Together, they realised approximately $5 million in profits following the rally.

Drawing on Score Arena data, Santiment singled out a wallet that had been accumulating HYPE since late May and subsequently liquidated all 310,000 tokens. With HYPE trading between $94 and $95, the address reportedly sold approximately $225,000 worth every five minutes. Its eventual profit was around $2.4 million.

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 those sales, billionaire investor Stanley Druckenmiller had invested in Trade[XYZ], a trading platform built on Hyperliquid.

Those HYPE gains have since unwound. At the time of writing, the token trades around $77, having lost 8% over the past 24 hours.

100-day EMA caps HYPE: Hyperliquid technical outlook

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

The horizontal level near $75.69 provides the first downside support. Further selling would bring $67.63 and $61.16 into focus as deeper support levels. Any recovery first encounters the 100-day EMA at $78.10, then the 20- and 50-day EMA cluster around $82.33–$82.51 and the broken descending trendline zone. Beyond these, $85.04 and $97.84 add further resistance.

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