The catalyst came after Coinbase announced it would become Hyperliquid’s official treasury deployer for USDC liquidity management. Market participants viewed the move as a significant institutional endorsement of the fast-growing decentralized derivatives platform.

The announcement helped fuel a sharp rally in Hyperliquid’s native HYPE token, which climbed about 14.55% on Thursday, while Hyperliquid-linked ETFs also saw a spike in activity.

THYP Sees Record Trading Day

“THYP had its best day yet seeing $8.1M in traded value and net inflows of ~$4.9M,” Friedman said.

“Volume and inflows were likely driven by a combination of factors including HYPE being the top performing asset on the day up…

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