As Bitcoin and Ethereum remain well below their historical peaks, with several leading cryptocurrencies needing dramatic surges just to break even, one digital asset is on the verge of its all-time high, influenced by conflicting market forces.
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On October 5, 2026, Hyperliquid (CRYPTO: HYPE) is priced at $93, just 5% short of its peak of $98 celebrated on September 23. This positions Hyperliquid as the sole significant cryptocurrency nearing its record, following a solid 4% uptick within a week and an impressive annual growth of 90%.
In stark contrast, the broader cryptocurrency market is facing challenges. Bitcoin (CRYPTO: BTC is now approximately 32% below its record value of $126,080, while Ethereum (CRYPTO: ETH sits around 45% below its high of $4,946. Other leading currencies such as XRP (CRYPTO: XRP) and Solana (CRYPTO: SOL) are around 59% beneath their former highs. Each of these cryptocurrencies would require increases of 46% or more to reach new records, while HYPE only requires a 5% uptick.
Hyperliquid’s Revenue of $429 Million and New ETFs Propel HYPE
Hyperliquid runs one of the most active perpetual futures exchanges, allowing traders to enter long or short positions with no expiration. By mid-September 2026, its revenue reached approximately $429 million, with U.S. investors gaining regulated access through the launch of Bitwise and Grayscale’s spot HYPE ETFs in May 2026.
HYPE’s Buybacks Surpass Team’s Claimed Tokens
At first glance, HYPE’s available supply appears significant. Out of a total maximum of 1 billion tokens, roughly 222 million are in circulation, leading to a market capitalization estimated at about $21 billion. Should all tokens enter circulation, this figure could spike to around $89 billion.
However, the core team has only claimed a small fraction of their accessible tokens. Each month, roughly 9.9 million HYPE tokens become available, yet the team has only utilized about 3.2 million out of 405 million unlocked since March 2026, according to Tokenomist.
Conversely, the Assistance Fund, which collects 97% to 99% of Hyperliquid’s trading revenues, has been actively acquiring HYPE from the market, investing over $1.3 billion by July 2026. In addition, on October 3, Hyperliquid redirected its initial $14.5 million in yield from substantial USDC reserves towards buybacks, a move slated to occur monthly.
Selling Pressure Near $98 and Monthly Unlocks May Impede HYPE
HYPE’s recent rally appears to be slowing, having gained about 11% in the last month against a backdrop of a 90% increase annually. As the price approaches $98, buying activity seems to be diminishing.
Some investors who purchased near the past high may opt to sell when HYPE reaches this price again, potentially creating resistance at the former peak. Additionally, the monthly token unlock poses a risk: should the team claim the full 9.9 million HYPE, it could add about $920 million in new supply at a price of $93.
Trading volume is crucial in determining ongoing buybacks. If activity in the crypto market declines in the fourth quarter, Hyperliquid’s revenue from trading fees might decrease, resulting in fewer HYPE buybacks.
Will Hyperliquid HYPE Surpass $98 Before the Year Ends?
HYPE has a substantial chance of exceeding the $98 mark before 2026 concludes. Requiring only a 5% rise and fresh all-time highs, ongoing buybacks bolster the price while the core team claims minimal unlocked tokens. However, achieving a new high with limited circulation can be misleading; a significant token unlock or a downturn in trading fees could swiftly pull HYPE beneath that level.
Investors should monitor for a daily closing price above $98 as a critical signal. If HYPE holds above $93 and the next token unlock is modest, it may soon challenge the previous record. On the other hand, a large unlock could push HYPE below $90, potentially keeping the record intact well into 2027.
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