Key Takeaways:
Hyperliquid's HYPE rose 23.1% to $72.19, Ethereum gained over 20% to $1,921.93, and Solana advanced more than 20% in 24 hours.
CoinGlass data shows $1.92 billion in total liquidations across crypto exchanges in the 24-hour period, with roughly $1.7 billion occurring in the final four hours as leveraged traders were forced to close positions.
The rally followed two policy developments. The U.S. Treasury Department expanded its long-term bond buyback program, raising the maximum per operation from $2 billion to at least $4 billion, effective Sept. 9 through Nov. 4. The U.S. Securities and Exchange Commission proposed a new framework for crypto asset offerings, with exemptions allowing issuers to raise up to $5 million over four years or up to $75 million annually under disclosure requirements.
The synchronized move across Layer 1 and DeFi tokens points to broad risk-on appetite rather than a single-asset driver. Hyperliquid's perpetual futures market recorded roughly $10.8 billion in open interest and $9.3 billion in 24-hour trading volume, indicating elevated derivatives activity that could amplify volatility in either direction.
The rally extended beyond the three largest gainers. Bitcoin reached $69,000 for the first time in two months, while XRP and other major altcoins rose more than 5% in the same period. Crypto-related equities also advanced, with Fold Holdings climbing about 20%, BitGo and American Bitcoin gaining roughly 15%, and Strategy and Bitmine rising around 10%.
VanEck said the Bitcoin correction may be nearing its end, noting that eight of 12 capitulation signals have been observed. Capitulation refers to investors exiting positions during intense selling pressure.
Solana's surge was attributed to ongoing network developments rather than a single event, according to market data. The token's momentum has increased the likelihood of reaching higher price targets in August, though specific levels were not disclosed.
The SEC proposal, announced Tuesday, outlines two exemptions for crypto asset offerings tied to investment contracts. The framework would require issuers to meet specific disclosure requirements to qualify for the exemptions.
Hyperliquid's HYPE token has been among the strongest performers in the crypto top 100, with its rise consistent with strong interest in the platform's token-burn and buyback mechanics. Ethereum's steady increase aligns with continued confidence in its long-term utility, according to market participants.
The three assets — HYPE on Hyperliquid, ETH on Ethereum, and SOL on Solana — all sit among the top gainers in the crypto market for the day, with the synchronized move pointing to broad-based buying pressure across the digital asset complex.
This article is for informational purposes only and does not constitute investment advice.
