Hyperliquid drops as Wall Street takes profits

A notable movement in the CoinMarketCap top 100 this week is the decline of Hyperliquid, the cryptocurrency associated with the derivatives platform of the same name, a platform which allows users to bet on virtually any investment opportunity using crypto.

Hyperliquid has been one of the breakout stars of the crypto market in 2026, alongside ZCash.

Analysts claimed that Multicoin Capital, a massive US investment fund based in Texas that manages billions in capital, is taking profits following impressive returns during the first few months of the year.

Although Multicoin Capital had set a price target of $300 for Hyperliquid just last month, it appears the firm has decided to lock in gains on many of its investments amidst the recent stock market volatility.

Oil

Since hitting a record price of $77 in June, Hype has indeed pulled back somewhat, but the $50 support level appears to be holding for now. Should the price of oil rise again due to the protracted conflict between Iran and the United States, trading volume on the platform could spike once more.

During the first month of the war between Iran and the United States, daily trading volume for oil contracts on Hyperliquid peaked at nearly $1.7 billion, roughly 250 times the volume seen for the same contract just before the US and Israel began bombing Iran in late February.