Bitcoin soars to nearly $80,000-but crypto’s new favorite coin, Hyperliquid, is stealing its thunder

Key Points:

• Hyperliquid has significantly increased its market share in crypto derivatives trading, processing over $633 billion in volume in Q1 2026, which has diverted trading volume away from direct Bitcoin and smaller crypto token purchases.
• The platform's popularity stems from its use of self-custody wallets and perpetual futures trading, allowing leveraged speculation without owning the underlying tokens, attracting active traders.
• Bitcoin still experienced a nearly 25% price increase over the past week, driven by macroeconomic factors like the Treasury’s bond-buyback announcement and massive liquidations of short positions totaling $4.5 billion.
• Political developments, including President Trump’s support for bringing Hyperliquid to the U.S. and urging Congress to pass the Clarity Act, alongside CFTC Chair Mike Selig’s push for clearer crypto regulations, have further bolstered market confidence.
• Trump's administration and the CFTC are actively working to integrate Hyperliquid into the U.S. market in a compliant manner, signaling increased regulatory engagement with crypto derivatives platforms.