Stan Druckenmiller Just Backed Hyperliquid’s U.S. Push. Is It Too Late to Buy HYPE 4% From Its Record High?

Stan Druckenmiller, a renowned hedge fund manager, has endorsed a plan to introduce regulated U.S. perpetual futures for Hyperliquid (CRYPTO:HYPE). HYPE trades at $95, up 18.3% in 24 hours and 22.4% over the past week. The token is only 3.3% below its intraday record high of $98, achieved on September 23, 2026. HYPE ranks as the 11th largest cryptocurrency by market capitalization.

The recent price rally follows a report that Intercontinental Exchange (NYSE:ICE | ICE Price Prediction), the parent company of the New York Stock Exchange, plans to launch a U.S. market for Hyperliquid perpetual futures. These contracts do not expire, allowing traders to maintain leveraged positions as long as they provide collateral. ICE is collaborating with trade(xyz), a platform already operating Hyperliquid stock and index perpetual contracts.

Druckenmiller expressed his enthusiasm on X, saying, “I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States.”

HYPE has risen 272.3% in 2026 from a December 31, 2025 closing price of $25. The current $98 record is a key focus for investors. Whether it’s too late to buy HYPE at this price point will hinge on whether momentum can push it past this peak or if it fades like the last two attempts.

More Supply Means HYPE Needs More Investment to Reach New Highs

Market cap, calculated by multiplying price by circulating supply, shows why a lower price can still have a higher valuation. HYPE’s market cap stands at $22.67 billion at $95. On September 22, 2026, it closed at a record $97, with a market cap of $21.62 billion.

HYPE is valued higher despite a lower price because more tokens are in circulation. As of October 28, 2026, Hyperliquid’s circulating supply rose to about 239 million tokens from roughly 222 million after a scheduled unlock released tokens held by early contributors. A larger supply means buyers must spend more to keep the price stable, so a new high above $98 will require a larger market cap than September’s.

HYPE continues to trade above its recent averages: $80 for the 20-day average, $85 for the 50-day average, and $66 for the 200-day average, a trend that could favor buyers going forward.

Stan Druckenmiller and ICE Provide a Regulated Path for Hyperliquid in the U.S.

trade(xyz) operates on HIP-3, a Hyperliquid feature letting external developers build their own markets. Hyperliquid earns a share of every trading fee on HIP-3. While the U.S. market is still in the planning stages, opposition remains strong. Intercontinental Exchange and CME Group (NASDAQ:CME) have urged U.S. regulators to limit Hyperliquid’s operations.

CME’s Terry Duffy recently said that if Jeff Yan, Hyperliquid’s founder, intends to compete in the United States, he must understand how to operate within U.S. legal frameworks.

Arthur Firstov, chief business officer at Mercuryo, said traditional finance exchanges are watching closely, noting that incumbents are closely monitoring the introduction of perpetual contracts on regulated U.S. markets, complete with compliance and anti-money laundering measures.

Buybacks and Whale Activity Send Mixed Signals on Demand

Hyperliquid operates a cryptocurrency exchange and employs the trading fees it generates to buy back HYPE tokens on the open market through its Assistance Fund. This strategy helped drive HYPE’s price from a low of $21 on January 20, 2026, to its record close of $97 on September 22, 2026. Several U.S. trading platforms have also added HYPE trading, giving investors a secure way to participate alongside the volume ICE’s plan could bring.

Coin whales, or wallets with large amounts of HYPE, are split on the rally. According to reports from Lookonchain, five whales opened long positions that benefit from price increases, totaling 597,912 HYPE worth $52.7 million over a few hours. However, another whale sold 694,310 HYPE valued at $53.3 million over five days. This buying and selling nearly cancels out, leaving large holders divided on the rally.

HYPE Struggles to Maintain Its High After Two Previous Attempts

HYPE has attempted to remain within 5% of its record high on several occasions between September 18 and September 26, 2026, including the record close of $97. However, by September 29, it had dropped to $86.

A second attempt in October saw HYPE close at $94 on October 5 before it faltered again. It fell to $84 by October 8 and hit a 30-day low close of $76 on October 25. With sellers having thwarted two previous rallies at this level, HYPE will face significant pressure during its third attempt, as investors remain wary of past disappointments.

Is It Too Late to Buy HYPE Near Its Record High?

Whether it’s a good time to buy crypto depends on more than just charts. Still, Hyperliquid’s trajectory toward a new high looks solid. ICE’s plan gives it a regulated U.S. channel it lacked at the September peak, making a new record close more likely by year-end. Anyone buying at $95 is paying up near a level that has pushed HYPE back twice already. Our Breakout Buyer’s Rulebook covers ten rules for situations like this.

For HYPE to close above $98, ICE and trade(xyz) must clear regulatory review. Higher fees would then feed more Assistance Fund buying. If HYPE fails to break through, it could drop below the 50-day average of $85, toward its 20-day average of $80 or the $76 October low. The clearest sign of a shift is a daily close above $98; holding that level could turn it into new support.

Contact [email protected] for any questions or corrections.