Hyperliquid price jumps 17% on ICE deal: Can HYPE reach $120?

cryptonews10-29 23:43

Hyperliquid’s HYPE has climbed 17.4% to $93.74 on Oct. 29 as NYSE owner Intercontinental Exchange has announced plans for regulated U.S. perpetual futures markets using the blockchain’s infrastructure...

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The token’s daily trading volume stood at $1.73 billion.\nAt $93.74, HYPE was approximately 4.3% below CoinGecko’s recorded all-time high of $97.96. Returning to that peak would require a gain of around 4.5% from the quoted price.\nHYPE rally follows ICE’s proposed US market\nICE announced a definitive agreement with trade[XYZ] to develop a dedicated U.S. retail market and clearing structure, subject to regulatory approvals.\n\nIntercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory… https://t.co/rgwG9KjgYI— Hyperliquid (@HyperliquidX) October 29, 2026\n\nAs previously reported by crypto.news, the companies’ planned perpetual futures offering would cover crypto, equities, commodities and foreign exchange.\nThe exchange operator is taking a minority stake in trade[XYZ] and would exclusively operate its regulated markets. ICE said the proposed business would sit separately from its existing institutional futures and clearing franchise.\nHyperliquid described the division of responsibilities in its announcement on X. The blockchain would supply the underlying infrastructure through HIP-3*, trade[XYZ] would design and implement the markets, and ICE would handle the regulated market and clearing structure.\n“Existing trade[XYZ] HIP-3 markets will remain unchanged,” the project wrote.\nIn the same post, Hyperliquid said independent deployers would retain control and responsibility for their deployments. The announcement described an infrastructure arrangement covering multiple asset classes, without identifying a specific HYPE futures contract among the proposed U.S. products.\nEarlier coverage of the agreement recorded trade[XYZ]’s claim that its existing Hyperliquid markets had processed more than $650 billion in cumulative volume in just over a year. The company said further details about contracts, customer eligibility and launch timing would follow as regulatory approvals progressed.\nWhales open $52.7 million in HYPE longs\nLookonchain reported that five whales opened HYPE long positions totaling 597,912 tokens, valued at $52.7 million, over several hours.\nThe analytics firm identified the activity as long positions. Its published alert did not provide a matching measure of spot purchases or a complete market-wide breakdown of the buying behind the day’s rally.\nMichaël van de Poppe linked his bullish outlook to HYPE’s recovery after a sweep of earlier lows. In his X post, the analyst said the token had reclaimed a previous support level and recovered to $85.\n“Matter of time until this pushes towards that $110-120 level,” he wrote.\nMeasured against the $93.74 CoinGecko quote, his target range would imply gains of approximately 17.3% to 28%. The analyst’s post used an earlier price reference and did not establish a deadline for reaching either level.\nAltcoin Sherpa described the ICE-related development as a possible catalyst for another HYPE rally. His accompanying chart illustrated a projected upward path after trading around a highlighted support zone.\n“This might have been what’s needed to spark its next run,” he wrote, while describing the token as relatively strong during recent choppy trading.\nPayward has proposed a separate regulated route\nA separate proposal from Kraken parent Payward would use Hyperliquid for U.S. onchain perpetual futures through its own regulated entities.\nPayward’s Sept. 16 announcement assigned Bitnomial responsibility for creating and administering the markets and clearing and settling contracts. NinjaTrader Clearing would carry customer accounts, while Hyperliquid’s public blockchain would match and record trades.\nAccess would be limited to customers onboarded by NinjaTrader and included on both NinjaTrader’s and Bitnomial’s allowlists, according to the company. Payward said the contracts would be listed under Bitnomial Exchange’s rules, subject to regulatory approval.\nThe Oct. 26 account of Hyperliquid’s permissioned-market proposal described an initial HIP-3* release on testnet, with specifications still preliminary. Support for the optional configuration was planned through a future network upgrade.\nThe same reporting described market definitions, contract specifications, oracle prices, and leverage limits as responsibilities assigned to deployers in Hyperliquid’s documentation. Separate deployed perpetual exchanges have their own margining, order books, and settings.\nPayward named Bitnomial Exchange as a CFTC-regulated designated contract market, Bitnomial Clearinghouse as a registered derivatives clearing organization, and NinjaTrader Clearing as a registered futures commission merchant. Its announcement placed the regulatory obligations with the participating exchange, clearinghouse, and brokerage entities.\nMulticoin’s HYPE investment predates the rally\nInstitutional interest in the token preceded Thursday’s announcement. An Oct. 19 report identified HYPE as Multicoin Capital’s largest hedge-fund position, citing general partner Spencer Applebaum’s interview with Bloomberg. The fund did not disclose its position size.\nMulticoin’s own June 25 investment note said it had initiated a large position early in 2026 and continued accumulating. Authors Spencer Applebaum, Shayon Sengupta and Tushar Jain described HYPE as one of the largest positions in the firm’s liquid fund.\nTheir investment thesis included HIP-3 markets covering commodities, equity indexes and individual stocks, alongside potential expansion into options and prediction markets.\nThe June note projected a $319 token price by 2028 using assumptions of roughly $8 billion in annual earnings and a 20-times multiple. Multicoin listed regulation, competition, governance, bad debt, and technical integration among the risks addressed in its research.\n\n\n\n\n\n                Read more:\n            \n\n                Chainlink launches 24/7 RWA pricing with Aave adoption","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.52.0","shortVersion":"4.52.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2679755284","isCrawlerRequest":true}