Key Insights:
- Based on the last 30 days of revenue, Hyperliquid price appeared more undervalued at current levels than it was at $13.
- Latest data shows a steady and accelerating rise in cumulative new users, crossing the 800,000 mark.
- After enduring a sharp 46% drawdown from recent highs, $HYPE is beginning to show signs of renewed strength.
Hyperliquid (HYPE) traded near $37 on Thursday, slipping about 6% for the week as selling pressure persisted. Analysts said bearish sentiment had deepened across the derivatives market, adding weight to the token’s decline.
Market data showed open interest falling and funding rates turning negative, both signs that traders were losing confidence. Meanwhile, technical analysts warned that the token could face a sharper pullback if it failed to hold a crucial support level.
However, one top analyst pointed out that Hype is more undervalued at the current price level than it was when it traded at $13.
Expert Claims $HYPE Price Is Undervalued at Current Levels Than It Was at $13
Crypto analyst McKenna noted that, based on the last 30 days of revenue, $HYPE appeared more undervalued at $39 than it was at $13.
His observation aligned with a broader shift seen in the Supply Weighted P/E (SWPE) Ratio chart, which helps assess market valuation relative to protocol earnings.
The data showed the current SWPE ratio at 2.47, suggesting that the market was assigning a lower price-to-earnings multiple compared with earlier highs in mid-2025.
In simpler terms, traders were paying less for each unit of protocol revenue, even though current revenue stood at roughly $3.47 million (30-day EMA) near its highest level of the year.
From a valuation standpoint, this combination of rising revenue and falling SWPE typically signals undervaluation. It means that despite strong earnings performance, the token’s price had not fully caught up. Historically, such conditions often preceded a recovery phase, as markets reassessed growth potential once selling pressure eased.
If revenues continue their upward trend, HYPE’s present weakness could offer long-term investors an attractive entry point, especially if sentiment in the derivatives market begins to stabilize.
Hypeliquid’s User Base Continues to Grow
Latest data shows a steady and accelerating rise in cumulative new users, crossing the 800,000 mark.
The upward curve demonstrates how the platform continues to attract traders and developers at a consistent pace, even through volatile market conditions.
Daily new sign-ups also displayed a healthy pattern.
While there were periods of fluctuation, the broader trend pointed to increasing engagement over time.
Occasional spikes in daily activity likely reflected major product updates or heightened trading opportunities, which tend to draw in fresh users during active market cycles.
As the cumulative curve steepened through mid-2025, it suggested that user adoption was stable and growing.
Important Hype Price Levels to Watch
After enduring a sharp 46% drawdown from recent highs, HYPE price is beginning to show signs of renewed strength.
A chart shared by McKenna revealed that the token had reclaimed its previous swing low near $44, a key level that had acted as support before the breakdown.
Holding above this zone would be an encouraging signal for traders looking for confirmation of a potential reversal.
The earlier move lower marked a decisive market structure (MS) breakdown, which triggered a wave of selling pressure.
However, the recent recovery suggests that buyers are gradually regaining control. If momentum continues to build and price holds above support, the path toward a grind higher appears increasingly likely.
The analyst observed that entries in the low $30s represented deep value, especially given the project’s strong fundamentals and growing user base.
From a technical standpoint, maintaining stability around current levels could set the stage for a broader recovery phase, as confidence returns and sentiment turns more constructive.
21Shares Files 2X HYPE ETF
21Shares filed a proposal with the U.S. SEC for a 2x leveraged HYPE ETF, aiming to expand the token’s market reach.
The product is designed to amplify investor exposure to Hypeliquid by 200%, giving traders a high-risk, high-reward way to benefit from Hyperliquid’s growing on-chain activity.
Senior ETF analyst at Bloomberg Eric Balchunas called the filing “so niche it might just win.” He noted that the current wave of thematic ETFs reminded him of the early days of smart beta and currency-hedged products, which quickly gained traction once they hit the market.
If regulators gave the green light, this ETF would mark a first-of-its-kind listing in the United States, a leveraged fund directly tied to a live DeFi protocol’s fee and perpetual market performance.
Such a move, the analyst, could open a new chapter in how traditional investors access decentralized finance exposure.
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