Community Trust ScoreVerified
While most of the crypto market struggles under Bitcoin’s latest correction, Hyperliquid’s HYPE token is breaking away from the trend. The decentralized exchange (DEX) token rose nearly 7% in 24 hours, outperforming major competitors like BNB Chain’s Aster, which fell more than 7%.
This strong price movement follows a major development involving a Wall Street-listed company, signaling increasing institutional interest in Hyperliquid and its growing DeFi ecosystem.
Wall Street Merger Creates $888 Million Hyperliquid Strategies Inc.
The latest surge in HYPE comes after Sonnet BioTherapeutics, a Nasdaq-listed biotech firm, confirmed plans for an $888 million reverse merger with private investment company Rorschach I LLC. The merged entity will be called Hyperliquid Strategies Inc. (HSI) — a move that directly connects the traditional financial sector with the decentralized world of digital assets.
According to a recent SEC filing, the new company will begin operations with a large digital asset treasury, including approximately $583 million worth of HYPE tokens. In addition, HSI has secured access to a $1 billion capital facility for potential future purchases of HYPE, positioning itself as a major strategic holder of the token.
Such institutional buying is often viewed as a bullish signal, as large-scale treasuries tend to take long-term investment positions rather than short-term speculative trades.
Institutional Confidence Boosts HYPE’s Market Outlook
“The formation of HSI sends a strong bullish signal for HYPE,” said Shivam Thakral, CEO of BuyUCoin, in a statement to Decrypt. He explained that institutional recognition of Hyperliquid “adds long-term demand, reduces circulating supply, and strengthens confidence among retail investors.”
Market analysts note that this move represents more than a corporate restructuring — it highlights a broader shift toward DeFi-focused investments among institutional players. Hyperliquid’s emphasis on decentralized perpetual futures and liquidity pools aligns with growing demand for transparent, self-custodial trading environments.
However, the merger filing also warned of potential risks, including regulatory oversight and shareholder dilution. Following the transaction, existing Sonnet shareholders are expected to hold only 1.2% of the new company’s shares.
MetaMask Adds Hyperliquid Integration
Further strengthening its ecosystem, MetaMask — one of the most widely used crypto wallets globally — announced native support for Hyperliquid. This integration allows users to trade and speculate directly on the Hyperliquid DEX, providing seamless access to perpetual futures on major cryptocurrencies like Bitcoin and Ethereum.
According to MetaMask’s press release, the decision to add Hyperliquid reflects the growing popularity of leveraged decentralized trading, which has seen a sharp rise in user activity during 2025.
Aster Token Lags as Market Sentiment Shifts
While HYPE continues its climb, competitor Aster (ASTR) on BNB Chain has been facing heavy selling pressure. The token is down 67% since reaching an all-time high of $3 earlier this month, suggesting that profit-taking and fading enthusiasm are weighing on its price.
Analysts describe the contrasting performance between Hyperliquid and Aster as a reflection of “shifting market narratives rather than overall momentum.” Investors appear to be rotating capital into projects with stronger institutional backing and clearer long-term fundamentals.
Prediction data from Myriad, a decentralized forecasting platform, shows that traders now see only a 2% chance of Aster returning to $4 by November — down sharply from 37% just a month ago.
Broader Market Weakness Persists
Despite Hyperliquid’s strength, the broader crypto market remains sluggish. Bitcoin (BTC) continues to trade near $108,000, with volatility dampening sentiment across altcoins and DeFi tokens. Even with short-term headwinds, Hyperliquid’s decoupling performance has caught analysts’ attention as a potential indicator of maturing investor confidence in decentralized exchange ecosystems.
If institutional interest continues to grow and MetaMask’s integration drives user activity, HYPE could emerge as one of the few tokens maintaining an upward trajectory in a bearish market.
