Every Crypto is Down, Except HyperLiquid. Why?

Crypto traders lost $1.49 billion to liquidations over the past day, yet Hyperliquid (HYPE) rose more than 18%. The rally for HYPE followed an Intercontinental Exchange (ICE) deal, Stanley Druckenmiller’s investment and a one-word post from Elon Musk.

HYPE short sellers absorbed most of the token’s $30.86 million in liquidations, according to Coinglass. Binance’s suspected hack weighed on the wider market, and the US venue still lacks approval.

Did Binance Fears Drag Crypto Down While Hyperliquid Climbed?

Binance paused withdrawals late Thursday to investigate a suspected hot wallet hack exceeding $6.2 billion in impacted funds.

Tether and Circle froze stablecoins tied to the transfers, and Binance pledged to cover user losses. Liquidations then topped $600 million in one hour, almost all from long positions, as Bitcoin fell.

Hyperliquid’s catalyst is different. ICE, owner of the New York Stock Exchange, announced a definitive agreement with trade(xyz). The platform lists perpetual futures, contracts that never expire, on Hyperliquid.

Stanley Druckenmiller, who runs Duquesne Family Office, wrote on X that he had invested in trade(xyz).

“I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States.”

I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.

— Stan Druckenmiller (@standuquesne) October 29, 2026

Elon Musk, CEO of Tesla and SpaceX, quoted the post with one word, “Interesting.”

Will the Hyperliquid Rally Hold Without a Launch Date?

In the last comparable case, the rally faded. Kraken parent Payward announced US Hyperliquid futures plans on Sept. 16, and HYPE set records within days. It then slid for weeks.

If the pattern repeats, gains hinge on regulatory approval and a launch date, and neither exists yet. HYPE’s live price data will show how much survives.

Either way, ICE’s retail push shows a traditional exchange operator treating on-chain perpetuals as a market worth entering.