Hyperliquid Crypto Open Interest Hits ATH as SEC Reclassifies Crypto Assets

Key Insights:

• The Hyperliquid crypto open interest hits $1.43 billion, driven by strong activity in both crypto and tokenized markets.
• HYPE price traded above $42 as it started to move less in line with major crypto assets.
• The SEC classifies assets like Solana as commodities, offering clearer rules for the market.

Hyperliquid crypto is seeing strong activity after its HIP-3 open interest reached a new high, while a fresh US SEC decision is changing how major crypto assets are viewed. Both events are drawing attention across trading desks and the wider market.

Hyperliquid Crypto Open Interest Hits Record Level

Hyperliquid has reached a new high in open interest. The HIP-3 market has now passed $1.43 billion, the highest level seen on the platform so far.

Recent trading shows where the activity is coming from. The WTI crude oil perpetual contract recorded about $1.39 billion in 24-hour volume. This placed it second on Hyperliquid, behind Bitcoin, and ahead of Ethereum.

It is worth noting that this is not about one market, as the bigger picture shows a clear change. Of the top 30 active markets on the Hyperliquid crypto exchange, only 7 are digital currency pairs. The rest are linked to tokenized assets like the S&P 500, Nvidia, and metals.

That tells a simple story as Hyperliquid is no longer just a crypto exchange. It is becoming a place where users trade both crypto and non-crypto assets.

More open interest usually means more positions are being held. It also shows that more traders are active on the platform. As this grows, it can bring better liquidity and smoother trading. For now, the key point is clear. Hyperliquid is seeing strong demand, and that demand is not limited to crypto alone.

Hyperliquid Crypto Price Moves with Changing Market Trends

HYPE price has moved back above $42. This is the first time it has reached that level since November 10. Looking back at that date gives some context. At the time, Bitcoin was around $103,000. Ethereum was near $3,400, while Solana was close to $163.

Those prices have changed since then. As of writing, BTC was trading at $74,029.8, ETH at $2,320.16, and Solana at $94.15. However, Hyperliquid crypto has returned to a similar range. This has caught the attention of traders.

In the past, moves like this would often follow Bitcoin or Ethereum. Now, that link may be weaker. Hyperliquid is growing in a different direction, and that could affect how its price behaves. Notably, as more non-crypto markets appear on the platform, the drivers behind HYPE price may also change. Activity on the exchange itself could play a bigger role.

Still, the wider crypto market cannot be ignored. Big moves in major assets can still affect sentiment across the board. For now, HYPE price is holding its ground, even as the rest of the market shifts.

SEC Commodity Decision Brings Clearer Rules

In separate news, the US Securities and Exchange Commission has introduced a new way to classify crypto assets. This has added some clarity to a space that has often been uncertain. Under this system, some assets are now called digital commodities. This group includes Solana, along with Bitcoin, Ethereum, and others.

Being labeled this way means they are not treated as securities. That matters because different rules apply. It can also lower some of the legal pressure around these assets. The SEC has also listed other groups, such as digital collectibles, digital tools, stablecoins, and digital securities. Each one is based on how the asset is used.

For platforms like Hyperliquid crypto, clearer rules can help. It becomes easier to plan, list assets, and expand into new markets. Notably, put together, these changes show a market that is still evolving. Hyperliquid is growing beyond crypto, while rules in the US are starting to take shape.