Market conditions remain unfavorable for most altcoins as Bitcoin (BTC) continues to dominate capital flows. At press time, the Altcoin Season Index stood at 34/100, showing that fewer than 35% of the top 100 altcoins outperform Bitcoin over 90 days. In contrast, HYPE traded near $26.71, declining modestly while still holding its key support levels. Meanwhile, major peers weakened sharply; Ethereum (ETH) traded below $1,900, while Solana (SOL) fell toward $78, both experiencing deeper drawdowns during the correction phase.
Underlying fundamentals explain this resilience. Hyperliquid’s TVL expanded from near zero in early 2024 to above $6 billion by late 2025, signaling rapid protocol adoption. At the same time, protocol fees frequently spike between $6 million and $12 million, reflecting sustained trading activity. Hyperliquid’s perpetual DEX produces strong real trading volume, while the Coinbase listing expands institutional access. Hyperliquid’s maintains its cycle as broader altcoins track Bitcoin’s weakness.
Digital asset treasury data now highlights a clear divergence across major strategies. Most DAT positions remained deeply underwater as market drawdowns pressured balance sheets. Several treasury allocations show unrealized losses amounting to more than $7 billion, reflecting accumulation during earlier market highs. Within this environment, Hyperliquid Strategies ($PURR) stands out, with roughly $356 million in unrealized gains, making it the only strategy maintaining positive territory.
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