Outperforming a Bear Market
The broader crypto market has been in a rough patch. Since September 2025, the aggregate market is down 36.5%. Bitcoin has shed 33.4%, and Ethereum has cratered 53.3%. HYPE, by contrast, has gone the other way. It’s a stark divergence that’s caught the attention of traders and allocators alike.
" Translation: "Overgår et bjørnemarked
Det bredere kryptomarkedet har hatt en tøff periode. Siden september 2025 er det samlede markedet ned 36,5%. Bitcoin har falt 33,4%, og Ethereum har stupt 53,3%. HYPE har derimot gått motsatt vei. Det er en markant forskjell som har fanget oppmerksomheten til både tradere og kapitalforvaltere.
" Note: "bear market" -> "bjørnemarked". "rough patch" -> "tøff periode". "shed" -> "falt". "cratered" -> "stupt". "allocators" -> "kapitalforvaltere" (or "allokatorer" but that's less common). "traders" -> "tradere" (common in Norwegian crypto). Third paragraph: "Short Squeeze and Open Interest
Part of this week’s move came from a classic short squeeze. Negative funding rates on HYPE perpetuals forced liquidations of bearish positions, sending the price higher. Open interest sits at $1.92 billion — a sign that conviction on both sides remains high. The squeeze amplified gains that were already building on the back of fundamental growth.
" Translation: "Short squeeze og åpen interesse
En del av ukens bevegelse kom fra en klassisk short squeeze. Negative finansieringsrater på HYPE-perpetualer tvang likvidering av bearish-posisjoner, noe som sendte prisen høyere. Åpen interesse ligger på 1,92 milliarder dollar – et tegn på at overbevisningen på begge sider fortsatt er høy. Squeezen forsterket gevinster som allerede bygget seg opp på bakgrunn av fundamental vekst.
" Note: "short squeeze" is often kept as is in Norwegian. "perpetuals" -> "perpetualer" (or "evigvarende kontrakter", but "perpetualer" is common). "funding rates" -> "finansieringsrater". "bearish positions" -> "bearish-posisjoner". "open interest" -> "åpen interesse". "conviction" -> "overbevisning". Fourth paragraph: "US Traders Driving Gains Despite Geofencing
Here’s the irony: US residents can’t directly access Hyperliquid’s platform — it geofences them out. Yet US trading sessions accounted for over 40% of HYPE’s recent price gains. That suggests American traders are finding workarounds, or that the token is being traded on other venues where US users aren’t blocked. Either way, the demand is real and it’s coming from the largest capital market in the world.
" Translation: "USA-tradere driver gevinstene til tross for geofencing
Her er ironien: Amerikanske innbyggere kan ikke få direkte tilgang til Hyperliguids plattform – den geofencer dem ute. Likevel stod amerikanske handelsøkter for over 40% av HYPERs nylige prisgevinster. Det tyder på at amerikanske tradere finner omveier, eller at tokenet handles på andre plattformer der amerikanske brukere ikke er blokkert. Uansett er etterspørselen reell, og den kommer fra verdens største kapitalmarked.
" Note: "geofencing" is a term, keep as is. "geofences them out" -> "geofencer dem ute". "trading sessions" -> "handelsøkter". "workarounds" -> "omveier". "venues" -> "plattformer". "blocked" -> "blokkert". Fifth paragraph: "Institutional Interest: ETFs and a 'Super-App' Vision
The institutional angle is getting louder. Bitwise and 21Shares now manage $81.13 million in HYPE-related ETF assets, with trading volumes approaching $100 million. Bitwise CIO Matt Hougan has described Hyperliquid as a potential “global super-app” — one that targets the $600 trillion global assets market, not just the $3 trillion crypto market. That framing, grandiose as it sounds, helps explain why ETF flows are picking up even as the broader market struggles.
The question now is whether HYPE can sustain this momentum. The TVL recovery and ETF flows provide a real foundation, but the short squeeze element means some of the recent price action is borrowed from future volatility. Traders will be watching whether open interest holds and whether the US regulatory picture — especially the geofencing issue — shifts in any meaningful way.
" Translation: "Institusjonell interesse: ETF-er og en «super-app»-visjon
Den institusjonelle vinklingen blir stadig tydeligere. Bitwise og 21Shares forvalter nå 81,13 millioner dollar i HYPE-relaterte ETF-aktiva, med handelsvolumer nær 100 millioner dollar. Bitwise CIO Matt Hougan har beskrevet Hyperliquid som en pot
