Hyperliquid Gains 17% as ICE Targets Regulated Futures

The proposed initiative involves a partnership between ICE and trade[XYZ], where Hyperliquid will serve as the underlying technology layer. Under this structure, trade[XYZ] will design the markets, while ICE handles clearing and regulatory oversight. This move aims to bring perpetual futures for crypto, commodities, and equities to American retail traders. The market has reacted sharply to the news, with data from Lookonchain revealing that five major holders opened long positions totaling $52.7 million in a single session.

Analysts are now recalibrating their expectations for the asset. Michaël van de Poppe identified a successful recovery above key support levels, projecting a potential climb toward the $110 to $120 range. Meanwhile, the token remains close to its all-time high of $97.96. While the ICE deal represents a significant institutional milestone, it is not the only effort to bring Hyperliquid-based products to the U.S. market; Kraken’s parent company, Payward, has previously outlined a separate path for regulated on-chain derivatives using Bitnomial’s infrastructure. As of late October, HYPE maintains a market capitalization of roughly $22.43 billion, with trading volumes reaching $1.73 billion over the last 24 hours.