Hyperliquid reclaims $20B market cap – Why HYPE’s recovery faces THESE risks

Hyperliquid's [HYPE] market cap has reclaimed $20 billion after HYPE's brief rally of about 5% in the past 24 hours as of writing. While this resurgence appears to be underway, there are conflicting signals that suggest underlying weakness. Here are the details explaining this view: What's behind the bullish resurgence? The news that Kraken's parent company, Payward, is planning a regulated US Perp launch on Hyperliquid was the driving force behind this small increase. The launch would be enabled through Bitnomial and Ninja Trader Clearing, but it requires approval. This institutional involvement urged some major players in the market to take action as significant capital started flowing into the token. For instance, a whale bought over 123K HYPE tokens valued at $10 million from Wintermute after a month of inactivity.

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