Hyperliquid Is 5% From Its Record While Bitcoin Is 32% Below Its Own. Can HYPE Break $98?

As of October 5, 2026, Hyperliquid (CRYPTO: HYPE) is trading at $93, just 5% shy of its all-time high of $98, reached on September 23. This makes Hyperliquid HYPE the only major cryptocurrency close to its record, especially after a solid 4% gain in just one week and an impressive 90% increase over the past year.

In contrast, the rest of the cryptocurrency market is struggling. Bitcoin (CRYPTO: BTC) is currently about 32% below its peak price of $126,080, and Ethereum (CRYPTO: ETH) sits roughly 45% below its high of $4,946. Other major coins like XRP (CRYPTO: XRP) and Solana (CRYPTO: SOL) are about 59% below their previous records. Each of these currencies would need to rise by 46% or more to set new highs, while HYPE needs only a 5% increase.

Hyperliquid’s $429 Million in Revenue and New ETFs Back HYPE

Hyperliquid operates one of the busiest perpetual futures exchanges, allowing traders to take long or short positions without expiration. Its revenue reached about $429 million by mid-September 2026, with U.S. investors gaining regulated exposure through Bitwise and Grayscale’s spot HYPE ETFs launched in May 2026.

HYPE’s Buybacks Outpace the Tokens Its Team Has Claimed

On the surface, HYPE’s supply seems substantial. Of a maximum supply of 1 billion tokens, about 222 million are available for trading. This gives HYPE a market value of about $21 billion, which could soar to around $89 billion if all tokens were in circulation.

However, the core team has claimed only a small portion of the tokens they can access. Each month, up to about 9.9 million HYPE unlock, yet the team has taken only around 3.2 million of the 405 million tokens unlocked through March 2026, according to Tokenomist.

On the flip side, the Assistance Fund, which receives 97% to 99% of Hyperliquid’s trading fees, has been actively buying HYPE from the open market, spending more than $1.3 billion by July 2026. Additionally, on October 3, Hyperliquid sent its first $14.5 million of yield from its sizable USDC reserves into buybacks, a transfer set to repeat monthly.

Sellers Near $98 and the Monthly Unlock Could Stall HYPE

HYPE’s recent price rally has slowed, gaining about 11% in the past month compared to its 90% annual increase. With the price nearing $98, buying momentum appears to be easing.

Some holders who bought near the previous peak may choose to sell when HYPE reaches that level, potentially turning the past high into resistance. Furthermore, the monthly token unlock creates an additional risk: if the team claims the full 9.9 million HYPE, it could introduce around $920 million in new supply at a price of $93.

Trading volume plays a crucial role in the ongoing buybacks. If crypto market activity slows in the fourth quarter, Hyperliquid’s trading-fee revenue may dip, leading to fewer HYPE buybacks.

Can Hyperliquid HYPE Break $98 Before 2026 Ends?

HYPE has a strong possibility of breaking through the $98 mark before 2026 concludes. With just a 5% gain needed and a fresh record, steady buybacks support the price while the core team claims only a limited amount of unlocked tokens. However, a new high achieved with a small circulating supply may be deceptive, as a large unlock or a dip in trading fees could quickly pull HYPE back under that threshold.

Investors should watch for a daily close above $98 as a significant indicator. If HYPE can hold above $93 and the upcoming token unlock remains modest, it could challenge the record soon. Conversely, if a significant token unlock occurs and HYPE drops below $90, the record might hold well into 2027.

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