Hyperliquid: From Crypto Venue to Cross-Asset Infrastructure

Discussed in today’s video:

• HIP-3 builder-deployed perpetuals are structurally expanding Hyperliquid’s addressable market. Rapid growth in non-crypto, exogenous assets, particularly commodities, points to an evolution beyond a pure crypto venue toward broader on-chain market infrastructure.
• Recent price action likely reflects some degree of re-rating. As capital rotates into metals and other macro-sensitive assets, investors appear to be reassessing HYPE as exposure to cross-asset speculation rather than solely as a high-beta crypto proxy.
• Dollar weakness is notable but has yet to be validated through BTC price action. While the dollar’s breakdown reinforces a medium-term tailwind for Bitcoin, BTC has not responded in the same way as gold. We continue to monitor for signs of an analog-to-digital gold rotation driven by emerging dollar debasement narratives.
• Bottom line: The move in Hyperliquid may be more than a reflexive crypto bounce. With HIP-3 enabling cross-asset expansion and a weaker dollar as a potential tailwind, investors should focus on sustained activity and correlation shifts to assess whether Hyperliquid is repricing as broader market infrastructure rather than crypto beta. Regardless of near-term correlation outcomes, continued product innovation and fundamental traction support maintaining HYPE exposure in our model portfolios.

Tickers in this video: BTC -1.45% HYPE