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When is HYPE treasury vote?

The Hyperliquid (HYPE) treasury shareholder vote is now set for December 2, 2025 (UTC), after a two-week delay confirmed in this media report.

  1. The vote is about a merger to create a digital asset treasury aiming to raise up to $1 billion. More details here.
  2. For the deal to pass, over 50% of all outstanding shares must vote in favor, according to the report.
  3. The new entity plans to accumulate HYPE tokens, supported by a recent SEC filing to raise capital. See the filing context.

Deep Dive

1. Date and Delay

The shareholder vote for the HYPE treasury was postponed by two weeks to December 2, 2025 (UTC). This delay happened because not enough total votes were cast, even though more than 95% of those who voted supported the deal, as noted in the report above.

The organizers need a majority of all outstanding shares to vote “yes” to officially close the deal. The new date allows more time to reach that required quorum and approval.

What this means: If you’re tracking important events, watch the first week of December. If the vote passes, it could boost interest and trading activity in HYPE soon after.

2. What’s Being Voted On

Shareholders are deciding on a merger to form “Hyperliquid Strategies,” a digital asset treasury focused on building up HYPE holdings. The deal was valued at about $888 million when announced, combining current HYPE tokens with roughly $305 million in cash, according to the notice above.

Additionally, the new entity has filed to raise up to $1 billion through an equity offering. This capital would be used to buy more HYPE and manage the treasury’s operations. See the filing context for more details.

What this means: Having a dedicated treasury could create steady buying pressure and align governance interests, which might strengthen HYPE’s market stability and attract institutional investors.

3. Why It Matters

A treasury that actively accumulates HYPE can impact liquidity, governance participation, and overall market dynamics—especially if it deploys capital quickly after the vote passes.

In a market that can be unpredictable, a large, consistent buyer can help stabilize prices at key levels. However, how fast and transparently the treasury acts will shape the real effect on the market.

What this means: Keep an eye on the vote results on December 2 and any announcements about when purchases will start. The biggest impact is likely if buying happens early and openly.

Conclusion

The HYPE treasury shareholder vote is now scheduled for December 2, 2025 (UTC), following a two-week delay. If approved, the merger and capital raise could significantly influence HYPE’s liquidity and governance by enabling ongoing treasury accumulation. Stay tuned for the vote outcome and any immediate moves that follow.


What could affect the price of HYPE?

Hyperliquid’s price is caught between exciting new features and regulatory challenges.

  1. Regulatory Pressure (Negative) – Political scrutiny on related projects like WLFI is causing concern.
  2. HIP-3 Upgrade (Positive) – New permissionless perpetual contracts could boost growth.
  3. Token Unlocks (Negative) – Starting November 2025, a large amount of HYPE tokens will enter the market.

In-Depth Analysis

1. Regulatory Challenges and Political Pressure (Negative Impact)

Overview:
Hyperliquid is under the microscope because of its connection to WLFI, a project linked to former President Trump that U.S. Senators Warren and Reed have flagged for possible illegal funding. Additionally, a recent CFTC comment on crypto derivatives regulation and a $4.9 million exploit involving POPCAT manipulation have increased regulatory concerns.

What this means:
Tighter regulations could restrict access for U.S. users or increase compliance costs, which might reduce trading activity. For example, the vote to delist WLFI on Hyperliquid (which allows 3x leverage) shows how regulatory issues can directly affect the platform.

2. HIP-3 Upgrade and Ecosystem Expansion (Positive Impact)

Overview:
The HIP-3 upgrade introduces permissionless perpetual markets by requiring users to stake 500,000 HYPE tokens. This upgrade is supported by integrations with popular wallets like Phantom and SafePal, which together have over 40 million users. Despite a general market downturn, daily trading volume in derivatives reached $1.47 billion.

What this means:
Lower trading fees (up to 90% less for takers) and support for new assets, such as the upcoming LINEA-USD perpetual contracts, could attract more traders. Increased staking demand to create markets might help balance selling pressure if adoption grows quickly.

3. Tokenomics: Unlocks vs. Buybacks (Mixed Impact)

Overview:
Starting November 29, 2025, about 237.8 million HYPE tokens (roughly 24% of the total supply) will gradually become available, adding approximately $500 million worth of tokens to the market each month. On the other hand, the Assistance Fund has burned 30 million HYPE tokens (valued at $1.1 billion) through fee buybacks.

What this means:
Currently, buybacks only cover about 17% of the new tokens entering circulation each month. To avoid price dilution, Hyperliquid needs sustained growth in trading volume—its daily fees of $5.6 million must increase enough to absorb the extra supply.

Conclusion

Hyperliquid’s future price depends on how well it can navigate regulatory challenges while growing adoption through the HIP-3 upgrade and effective buybacks. Wallet integrations and fee reductions support increased usage, but the large token unlock in November 2025 remains a significant risk. Watch the price difference between HYPE/USDC spot and derivatives markets for signs of liquidity stress.


What are people saying about HYPE?

The Hyperliquid (HYPE) community is excited about recent progress but remains cautious about big investors’ moves. Here’s the latest:

  1. Positive technical signals: Experts see $60–$70 price targets after a breakout 🚀
  2. Whale battles: $3 million in long bets vs. $2 million in short bets 🐋⚔️
  3. Arthur Hayes’ big prediction: A potential 126x price increase sparks excitement 🌕
  4. Strong revenue: $5.4 million in daily fees supports optimism for buybacks 💸

Deep Dive

1. @Cryptonary: Breakout confirmed 🚨 positive outlook

“HYPE broke through $49 resistance, shifting market sentiment to bullish. Momentum points to $70–$80 by the end of the year if $52–$53 support holds.”
– Cryptonary (93.4K followers · 45.9K impressions · September 13, 2025)
View original post
What this means: This is a good sign for HYPE. When a price breaks key resistance levels and respected analysts confirm it, more traders tend to jump in, pushing the price higher.

2. @CoinRank_io: Arthur Hayes’ $10 trillion stablecoin market forecast 📈 positive

“Arthur Hayes predicts HYPE will capture 26.4% of a $10 trillion stablecoin market by 2028, generating $25.8 billion in annual fees — implying a 126x price increase.”
– CoinRank (26.8K followers · 10.2K impressions · August 25, 2025)
View original post
What this means: This is encouraging for HYPE because Hayes’ support can attract big investors. However, the forecast is for 2028, so it’s a long-term outlook rather than an immediate price jump.

3. Whale 0xf3e1: $2.07 million short position 🩸 negative signal

“A whale placed a $2.07 million short bet on HYPE at $45.52 with 10x leverage, expecting the price to drop.”
– CoinGlass (Source: CMC post)
What this means: This is a warning sign. Large short positions with leverage can cause sharp price drops if the market moves against them, potentially triggering forced sell-offs.

4. @greenytrades: Volume surge shows strong network effect 📊 positive

“Hyperliquid’s $1.5 billion weekly trading volume and 650 million daily trades highlight its market dominance. Increased usage speeds up HYPE token burning.”
– Greeny (41.5K followers · 70.9K impressions · August 23, 2025)
View original post
What this means: This is good news for HYPE. Higher trading volume means more fees are collected and burned (97% of fees), reducing supply and potentially increasing the token’s value.

Conclusion

The overall outlook for Hyperliquid (HYPE) is optimistic but cautious. Strong technical momentum, Arthur Hayes’ long-term vision, and solid daily revenue ($5.4 million) balance out the risks from large short positions. Keep an eye on the $52–$53 support level: holding this zone could confirm the upward trend, while falling below it might invite selling pressure. For fast-growing projects like Hyperliquid, the depth of liquidity often determines who benefits and who faces losses.


What is the latest news about HYPE?

Hyperliquid is making moves with wallet partnerships and facing regulatory challenges as its token, HYPE, nears $40. Here’s the latest:

  1. Phantom & SafePal Integrations (Nov 20, 2025) – Now available to over 40 million users for leveraged trading and cross-chain swaps.
  2. Nansen CEO Predicts Top 20 Ranking (Nov 20, 2025) – Cardano’s decline might help HYPE break into the crypto top 20.
  3. Regulatory Concerns Arise (Nov 20, 2025) – U.S. lawmakers target Hyperliquid’s ties to WLFI and a $4.9 million exploit.

Deep Dive

1. Phantom & SafePal Integrations (Nov 20, 2025)

What happened:
Hyperliquid teamed up with Phantom (15 million users) and SafePal (25 million users) to offer cross-chain swaps, leveraged trading up to 40x, and asset management through HyperEVM. Phantom now supports HYPE swaps from Ethereum, Solana, and Base blockchains. SafePal plans a Walletdrop campaign to encourage more users to join.

Why it matters:
These partnerships make it easier for everyday users to trade HYPE and increase liquidity. Phantom’s strong Solana user base could bring in new investors, while SafePal’s hardware wallets add security for traders using derivatives. (Crypto.news)

2. Nansen CEO Predicts Top 20 Ranking (Nov 20, 2025)

What happened:
Alex Svanevik, CEO of analytics firm Nansen, predicts HYPE could overtake Cardano (ADA) in the top 20 cryptocurrencies by 2026. Cardano has seen a 45% drop in value over the past year, while Hyperliquid leads in perpetual trading volume. HYPE’s market cap is $12.6 billion, close behind ADA’s $14.2 billion.

Why it matters:
This prediction is neutral for now since it’s based on market sentiment without immediate triggers. Still, Hyperliquid’s strong position—holding 60% of decentralized perpetual trading volume and supporting over 180 projects—could drive growth if adoption picks up. (U.Today)

3. Regulatory Concerns Arise (Nov 20, 2025)

What happened:
U.S. Senators Elizabeth Warren and Jack Reed raised concerns about Hyperliquid listing WLFI tokens, which are linked to a Trump-associated venture accused of illegal funding. Additionally, a $4.9 million exploit involving POPCAT price manipulation has sparked compliance worries.

Why it matters:
This is a negative signal for HYPE because regulators might pressure exchanges to remove WLFI or enforce stricter rules. However, Hyperliquid’s recent HIP-3 upgrade, which cuts fees by 90%, and its $1.74 billion in open interest show strong fundamentals that could help weather short-term regulatory fears. (Bitcoinist)

Conclusion

Hyperliquid is balancing promising technical partnerships with regulatory challenges. HYPE’s current price range of $37 to $40 suggests it’s gearing up for a potential breakout if the overall market calms down. The big question: will HIP-3’s fee cuts and Phantom’s user base outweigh political pressures?

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What is expected in the development of HYPE?

Hyperliquid’s roadmap centers on growing its ecosystem, upgrading technology, and bringing in institutional investors.

  1. SPAC Merger Completion (December 2025) – Finalizing a $1 billion merger to strengthen its financial position and market visibility.
  2. HyperEVM Ecosystem Expansion (Q4 2025) – Enhancing DeFi and NFT tools through upgrades to its Ethereum-compatible platform.
  3. Staking ETF Launch (2026) – Introducing a VanEck-backed exchange-traded fund to attract traditional financial investors.

Deep Dive

1. SPAC Merger Completion (December 2025)

Overview
Hyperliquid Strategies plans to complete a $1 billion merger by the end of 2025. This involves combining with Nasdaq-listed Sonnet BioTherapeutics and Rorschach I LLC (Cryptopotato). The new public company would hold 12.6 million Hyperliquid (HYPE) tokens valued at $473 million, plus $305 million in cash for strategic buybacks.

What this means
Positive: This move would boost Hyperliquid’s credibility with institutional investors and increase liquidity by listing on Nasdaq.
Risks: Delays in closing the deal or unfavorable market conditions could impact the merger’s success.

2. HyperEVM Ecosystem Expansion (Q4 2025)

Overview
HyperEVM is Hyperliquid’s Ethereum-compatible blockchain layer. The upcoming upgrades will allow developers to build decentralized apps (dApps) without restrictions and integrate NFTs like Hypurr (CCN). These improvements aim to enhance cross-chain compatibility, focusing on decentralized finance (DeFi) and advanced trading tools for institutions.

What this means
Positive: These upgrades could attract more developers and users to the platform.
Challenges: Competition from other platforms like Aster DEX and the technical complexity of upgrades might slow growth.

3. Staking ETF Launch (2026)

Overview
VanEck plans to launch an exchange-traded fund (ETF) based on staking Hyperliquid tokens, which currently earn about 2.2% annual yield on 430 million staked tokens (Bitrue). This product aims to bring traditional financial investors into the Hyperliquid ecosystem.

What this means
Positive: If approved, the ETF could increase demand for HYPE tokens, similar to how Bitcoin ETFs boosted Bitcoin’s market.
Risks: Regulatory approval is uncertain, and initial investor interest may be limited.

Conclusion

Hyperliquid’s roadmap combines technical upgrades (HyperEVM), financial growth strategies (SPAC merger), and efforts to attract institutional investors (staking ETF). While the outlook is optimistic, success depends on smooth execution and market conditions. It will be interesting to see how Hyperliquid’s permissionless derivatives platform competes with centralized alternatives in 2026.

{{technical_analysis_coin_candle_chart}}


What updates are there in the HYPE code base?

Hyperliquid’s latest software updates focus on making decentralized trading easier, improving system scalability, and giving traders more options.

  1. Permissionless Perpetuals (Oct 13, 2025) – With HIP-3, anyone who stakes enough HYPE tokens can create new trading markets.
  2. Based Cloud Deployment (Sep 4, 2025) – Hyperliquid launched its first decentralized cloud service to support app developers.
  3. Multi-Quote Spot Trading (Aug 18, 2025) – Traders can now swap assets using multiple stablecoins as payment options.

Deep Dive

1. Permissionless Perpetuals (October 13, 2025)

What it is: HIP-3 lets anyone who stakes 500,000 HYPE tokens open new perpetual futures markets on HyperCore. This means market creation is no longer controlled by a central authority.

The update works with HyperEVM, Hyperliquid’s smart contract system, and adds limits on open interest to reduce risk. Validators who act maliciously can lose their staked tokens, encouraging honest behavior.

Why it matters: This change is positive for HYPE because it removes barriers to launching new markets, which could increase trading activity and fees for the platform. (Source)

2. Based Cloud Deployment (September 4, 2025)

What it is: Hyperliquid introduced its first decentralized cloud infrastructure, called Based Cloud, providing computing power for developers building decentralized finance (DeFi) apps.

This is part of the “House of Finance” project, aimed at supporting scalable applications like liquid staking and yield farming without relying on traditional cloud providers.

Why it matters: While this doesn’t immediately impact HYPE’s price, it’s a positive long-term development. Better infrastructure can attract more developers to build on HyperEVM, strengthening the ecosystem. (Source)

3. Multi-Quote Spot Trading (August 18, 2025)

What it is: Hyperliquid enabled multi-quote spot trading on its mainnet, allowing users to swap assets using different stablecoins such as USDC and USDH as payment options.

This feature was launched after a Dutch auction process for creating new trading pairs without permission. It coincided with a large $40 million deposit from a major trader, boosting liquidity.

Why it matters: This update is good news for HYPE because offering multiple quote currencies reduces trading costs (slippage) and can attract arbitrage traders, increasing overall platform activity. (Source)

Conclusion

Hyperliquid’s recent updates highlight its commitment to decentralization (HIP-3), scalability (Based Cloud), and trading flexibility (multi-quote spot trading). These improvements strengthen its role as a leader in decentralized finance derivatives. The big question: will HIP-3’s permissionless market creation spark a wave of new niche perpetual markets?


Why did the price of HYPE fall?

Hyperliquid (HYPE) dropped 1.96% in the last 24 hours, underperforming its 7-day decline of 2.17% but still below its 30-day gain of 6.52%. This decline follows a broader crypto market downturn of 3.89% and reflects technical weaknesses, negative sentiment from high-profile liquidations, and concerns about upcoming token unlocks.

  1. Market-wide sell-off: Crypto Fear & Greed Index shows "Extreme Fear" at 15/100.
  2. Technical breakdown: Price failed to hold the $38.32 support level; MACD and RSI indicators point to bearish momentum.
  3. Andrew Tate liquidation impact: A publicized $727K loss on Hyperliquid raises concerns about platform risks.

Deep Dive

1. Market-Wide Risk Aversion (Bearish Impact)

Overview:
The total cryptocurrency market value fell by 3.89% in 24 hours. Bitcoin slipped below $90,000, triggering $366 million in long position liquidations. Hyperliquid’s price movement followed this overall market weakness.

What this means:

What to watch:

2. Technical Breakdown (Bearish Impact)

Overview:
Hyperliquid broke below key technical support levels:

What this means:

3. Andrew Tate’s Public Liquidation (Mixed Impact)

Overview:
On-chain data shows Andrew Tate lost $727,000 trading Hyperliquid with high leverage (10x to 40x), experiencing 19 liquidations between November 1 and 19.

What this means:

What to watch:

4. Token Unlock Concerns (Bearish Impact)

Overview:
Starting November 29, 237.8 million HYPE tokens (24% of total supply) will begin vesting over 24 months, potentially adding about $500 million in monthly selling pressure at current prices.

What this means:

Conclusion

Hyperliquid’s recent price drop reflects a combination of overall crypto market risk-off sentiment, technical weaknesses, and concerns about large token unlocks in November. While the Andrew Tate liquidation story adds some negative attention, Hyperliquid’s core metrics like trading volume and staking activity remain solid.

Key watch: Can Hyperliquid hold the $36.50 support level (the November low) before the token unlocks? A break below this level could trigger further selling toward the $30–$32 support zone based on Fibonacci retracement levels.