HYPE Price Forecast: Can Hyperliquid Strategies Secure US Approval for Perpetual Futures?

• Access to perpetual futures markets on Hyperliquid's infrastructure for US customers is the aim of Hyperliquid Strategies' application for FCM registration, which requires regulatory approval.
• Of the $911 million raised in Q3, the company used $785 million to buy 9.1 million HYPE tokens and also bought back 2.7 million PURR shares.
• The 100-day EMA near $78 presents a resistance hurdle for HYPE.

An 8% decline in Hyperliquid (HYPE) on Friday followed an application by Hyperliquid Strategies (PURR) for futures commission merchant (FCM) registration. The filing seeks regulatory clearance to offer perpetual futures markets to US customers.

How does Hyperliquid Strategies plan to enter the US derivatives market?

Details of the move appeared in the company's Q3 financial results, published on Thursday. Subject to regulatory approval, Hyperliquid Strategies plans to use a subsidiary to carry US customer accounts for permissioned markets established under Hyperliquid's proposed HIP-3 framework.

Under the proposed structure, independent operators could establish and run markets using Hyperliquid's infrastructure, while complying with applicable regulatory requirements. The blockchain underpinning those markets would remain a neutral infrastructure layer.

According to Hyperliquid Strategies CEO David Schamis, the company deployed $802 million over the quarter. He said its FCM application formed part of efforts to bring markets running on Hyperliquid onshore.

Explaining the approach, Schamis said: “Owning HYPE is how we aim to capture economics associated with the Hyperliquid protocol; setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore,”

Before submitting the application, Hyperliquid Strategies raised $911 million in equity capital during Q3. It allocated $785 million to purchases of 9.1 million HYPE tokens and $17 million to buy back 2.7 million PURR shares.

By September 30, the company's treasury held approximately 38.5 million HYPE, up from 29.3 million HYPE in June. Cash and cash-like instruments stood at $254.6 million, with no outstanding debt reported.

Earlier, Hyperliquid Strategies had expanded its share buyback authorisation to $100 million from $30 million, while extending the programme until October 31, 2027.

Are Hyperliquid whales cashing out as HYPE's rally fades? Wallets book $5 million

Renewed selling pressure on HYPE provides the backdrop to the regulatory move, after a rally briefly lifted the token to $97.

According to blockchain analytics platform Santiment, which reported the activity on Thursday, four large whale wallets closed their HYPE long positions after the rally, booking approximately $5 million in combined profits.

Drawing on Score Arena data, Santiment singled out a wallet that had been accumulating HYPE since late May and then liquidated its entire holding of 310,000 tokens. With HYPE trading between $94 and $95, the address reportedly offloaded approximately $225,000 worth every five minutes, ultimately booking around $2.4 million in profits.

Shortly after the rally, two more wallets closed their positions. Trading 98,000 HYPE reportedly earned one of them approximately $987,000 in profits; the other booked nearly $1 million from approximately 140,000 tokens.

These disposals came after billionaire investor Stanley Druckenmiller invested in Trade[XYZ], a trading platform built on Hyperliquid.

Having since surrendered its gains, HYPE is trading around $77. At the time of writing, the token was down 8% over the past 24 hours.

Hyperliquid technical outlook: Can HYPE clear the 100-day EMA resistance?

A bearish near-term bias persists on HYPE's daily chart, with the token at $77 below its short- and medium-term Exponential Moving Averages (EMAs). Following the recent rejection near the descending trendline, a Relative Strength Index (RSI) reading of 41 and a subdued Stochastic reading near 15 point to weak upward momentum.

The horizontal level near $75.69 provides the first downside support. If selling intensifies, $67.63 and $61.16 offer further support. Any recovery would first encounter the 100-day EMA at $78.10, before the cluster of 20- and 50-day EMAs around $82.33–$82.51 and the broken descending trendline area. Further overhead resistance lies at $85.04 and $97.84.

(The technical analysis of this story was written with the help of an AI tool. Know more.)