Every Crypto is Down, Except HyperLiquid. Why?

Hyperliquid’s HYPE rose more than 18% in the past day while crypto traders lost $1.49 billion to liquidations; short sellers absorbed most of HYPE’s $30.86 million in liquidations. The rally followed ICE, owner of the New York Stock Exchange, announcing an agreement with trade(xyz), which lists perpetual futures—contracts that never expire—on Hyperliquid; Stanley Druckenmiller, who runs Duquesne Family Office, said he invested in trade(xyz), and Elon Musk quoted the post with one word. The market was pressured after Binance paused withdrawals late Thursday to investigate a suspected hot wallet hack affecting over $6.2 billion; Tether and Circle froze related stablecoins, and Binance pledged to cover losses. A Hyperliquid futures rally after Kraken parent Payward’s Sept. 16 announcement faded.