What is Helping Hyperliquid (HYPE) Hold Firm Amid Extreme Market Fear?

Core Insights - Hyperliquid (HYPE) has shown strong performance against the broader crypto market, with a notable price increase of 60% from $20.6 to $33.6, despite the overall market capitalization dropping from $3.2 trillion to $2.2 trillion [2][4]. Group 1: Market Performance - HYPE's price increase is attributed to internal catalysts that have outweighed the selling pressure in the broader market [4]. - The trading volume for HIP-3 futures contracts on Hyperliquid has surged, contributing to HYPE's momentum [4][5]. - A significant listing on Coinbase has enhanced liquidity and demand for HYPE, allowing it to absorb selling pressure during market declines [6][7]. Group 2: Institutional and Retail Interest - Ripple Prime's opening of institutional access to Hyperliquid's on-chain derivatives tools has supported liquidity and broader adoption [6]. - The absence of HYPE on Binance may be advantageous, as it helps the token avoid widespread sell-offs, attracting both institutional and retail investors [7]. Group 3: Liquidation Dynamics - Hyperliquid accounted for over $630 million of the $2.6 billion liquidated in a 24-hour period, indicating that larger liquidations can push HYPE's price higher [8].