Hyperliquid (HYPE) Rose 4% While Crypto Fell 7% After the Binance Hack. Is Money Moving From Binance to Hyperliquid?
HYPE surged while the rest of crypto cratered after the Binance hack, and the obvious explanation turns out to be wrong. The real catalyst points to a Wall Street deal that could reshape how Americans trade perpetual futures.
Hyperliquid (CRYPTO:HYPE) has risen 3% while most of the crypto market fell 6% after Binance suffered a $6.3 billion hack. The obvious assumption is that anxious Binance users are moving their funds to Hyperliquid, where they keep control of their own coins. That theory doesn’t hold up against the timeline, since Binance suspended withdrawals before HYPE’s price spike even began.
Over the past 24 hours, HYPE rose 2.94% to $91.72, while the overall crypto market dropped 6.47% in the same period. Over the past seven days, HYPE has surged 19.05%, recovering from a low of $76.25 on October 25, 2026. It trades 6.37% below its all-time high of $97.96, reached on September 23, 2026, making it the 10th-largest cryptocurrency by market value.
Wall Street’s Deal Is the Catalyst for HYPE’s Rise, Not the Binance Hack
Most of HYPE’s week-on-week growth came from a single trading session. HYPE closed at $80.60 on October 28, then jumped to $88.91 the next day, October 29, 2026. That surge coincided with Intercontinental Exchange (NYSE:ICE), the parent company of the New York Stock Exchange, announcing it’s partnering with Trade[XYZ] to bring Hyperliquid-based perpetual futures to the U.S. market.
Perpetual futures let traders speculate on an asset’s price with no expiration date, often using leveraged positions. ICE is planning a regulated market and clearinghouse for perpetual futures tied to crypto, stocks, commodities and currencies, pending regulatory approval. Hedge fund billionaire Stan Druckenmiller is reportedly also an investor in the deal.
As of July 2026, Trade[XYZ] was Hyperliquid’s largest third-party builder of perpetual markets. Hyperliquid has said its existing markets with Trade[XYZ] will keep operating unchanged, with the new ICE platform serving as an added layer.
The partnership lifts HYPE’s value because Hyperliquid channels its trading fees into an Assistance Fund, which converts them into HYPE tokens, a buyback that uses the project’s own earnings to purchase its token on the open market. More trading on Hyperliquid means higher fees and more HYPE purchases.
The Bitwise Hyperliquid ETF (NYSEARCA:BHYP) added to the momentum, pulling in $3.7 million in inflows on October 29, according to Farside. That kind of inflow typically means investors bought new shares, which can push the fund to buy more HYPE.
Binance didn’t announce its withdrawal halt until later on October 29. The exchange said the breach may have started with a compromised engineer’s laptop and said it would cover losses from its SAFU fund and company reserves.
Bitcoin (CRYPTO:BTC) dipped 3.42% to $77,215 after the news, while Ethereum (CRYPTO:ETH) fell 3.89% to $2,230, since the suspicious transfers from Binance’s wallet included both Ether and stablecoins. Bitcoin and Ethereum are the cryptocurrencies most commonly held on large centralized exchanges, so a hack at the largest one hits them hardest.
HYPE Clears Major Moving Averages While Bitcoin and Ethereum Decline
HYPE trades above its 20-day moving average of $80.52, its 50-day average of $84.84 and its 200-day average of $66.15. Clearing all three shows its short-, medium-, and long-term trends all point up.
Sellers could still emerge, though, since HYPE’s highest close over the past month was $94.15 on October 5, and it remains below its all-time high of $97.96.
HYPE’s trading volume surged, reaching $2.93 billion as of October 29’s close, up from $781.8 million the previous day, with the latest reading at $3.29 billion. In the week before, daily volume ran from $456.4 million to $867.7 million.
The biggest jump in volume coincided with the ICE announcement and occurred before Binance announced the withdrawal freeze, suggesting most of the spike was driven by the Hyperliquid news rather than the hack.
The ICE deal applies specifically to Hyperliquid, giving HYPE holders a separate reason to buy beyond the broader market selloff.
Can HYPE Maintain Its Gains Once Binance Reopens?
HYPE might hold onto its recent gains, but that outcome hinges on whether buyers stay engaged once the initial excitement fades. The theory that funds are moving from Binance to Hyperliquid depends on Binance users successfully withdrawing their money, and that hasn’t happened yet.
Binance said on social media that it expects to resume withdrawals about 45 hours after its update today, so HYPE’s recent trading likely isn’t coming from Binance withdrawals yet.
Some of HYPE’s price increase may be due to short sellers—traders who profit when prices drop—having to buy back the token to close their positions. This process, known as covering a short, pushes the price upward, but that momentum stalls once all short positions are closed unless new buyers enter the market.
The volume figures point to more trading activity, not money leaving Binance. HYPE’s trading volume rose from $2.93 billion to $3.29 billion during the pause, with most of that jump landing on the ICE day, so the rally can’t yet be linked to Binance users moving their assets.
The clearest test for HYPE comes when Binance reopens. If HYPE’s price falls below its 50-day average of $84.84 and trading volume drops back to the prior week’s range of $456.4 million to $867.7 million, the theory that funds are migrating from Binance likely falls apart, and the rally would look like it came mostly from the ICE deal and a short squeeze.
On the other hand, if HYPE holds above that average once withdrawals resume and volume stays elevated, it would say new buyers are backing the ICE deal, not just reacting to fading excitement. Either way, the partnership with ICE—not an exodus from Binance—drove HYPE’s gains this week.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
