Hyperliquid Rises 18% as Binance Fears Hit the Crypto Market

As Binance paused withdrawals and liquidations piled up, HYPE benefited from ICE’s deal with trade(xyz) and support from Druckenmiller and Musk.

• Hyperliquid
• Binance
• Exchanges
• Security
• Bear Market

Key Takeaways

• Crypto traders lost $1.49 billion (€1.3 billion) in liquidations over 24 hours, mostly from long positions as Bitcoin fell.
• Hyperliquid rose more than 18% after news about ICE, Stanley Druckenmiller, and a brief reaction from Elon Musk.
• Binance paused withdrawals because of a suspected hot wallet hack, which put pressure on the broader crypto market.

Crypto traders lost $1.49 billion (€1.3 billion) in liquidations over 24 hours, while Hyperliquid climbed more than 18%. The token jumped after news about Intercontinental Exchange, Stanley Druckenmiller’s investment, and a brief reaction from Elon Musk. At the same time, concerns about Binance pushed the broader crypto market lower.

Binance Sets the Tone

Binance paused withdrawals late Thursday to investigate a suspected hack of its hot wallet. According to the first reports, more than $6.2 billion (€5.6 billion) in funds were involved. Tether and Circle froze stablecoins tied to the transfers, while Binance promised to cover user losses.

That turmoil came alongside a wave of liquidations that topped $600 million (€539 million) in one hour. Almost all of it came from long positions as Bitcoin fell. For the market, it was another sharp reminder of how quickly liquidations can pile up when sentiment turns.

Why HYPE Rose Instead

Hyperliquid’s move had a different trigger. ICE, the owner of the New York Stock Exchange, announced a definitive agreement with trade(xyz). That platform offers perpetual futures on Hyperliquid, contracts with no expiration date that are popular with active traders.

Stanley Druckenmiller wrote on X that he had invested in trade(xyz). Elon Musk replied with one word: “Interesting.” That mix of names drew a lot of attention to the announcement, and HYPE benefited with a gain of more than 18%.

Druckenmiller’s involvement in Trade[XYZ] also fits that picture: his public support gave the announcement extra weight, especially because ICE wants to open a regulated U.S. route for Hyperliquid perpetuals through the platform.

What This Says About the Market

The contrast between the broad sell-off and HYPE’s rise shows how quickly a token can break away from the overall market mood. For European crypto readers, the key point is that a major traditional exchange operator like ICE is getting more involved in on-chain perpetuals. That could suggest this segment is being taken more seriously by established market players, even though no launch date has been announced yet.

An earlier announcement also shows that rallies like this do not always keep going on their own. When Kraken parent Payward announced plans for U.S. Hyperliquid futures on September 16, HYPE briefly jumped, but then the price fell back again. Whether that pattern repeats now still depends on approval and a concrete launch.