A review of recent catalysts that may affect the price of $HYPE

From the DAT release and TGE season to the token unlock, this article will explore the key factors affecting the future price movement of Hyperliquid's native token $HYPE . This article is based on a piece by Mercury, organized, translated, and written by TechFlow. (Background: Aster, Lighter… fierce competitors besiege, Hyperliquid's siege warfare) (Supplementary background: How did we build an arbitrage “money printer” on Hyperliquid, earning 5 million USD in six months?) As of late October 2025, Hyperliquid's native token $HYPE is at a critical moment of dynamic development, with significant developments expected for Hyperliquid. As a leader in decentralized perpetual futures exchanges, Hyperliquid has captured a substantial share of DEX derivatives trading volume, accounting for approximately 70-80%, and has generated over 1 billion USD in revenue to date. With the ongoing expansion of the ecosystem and the drive of the one-way buyback mechanism, multiple catalysts may push the price of $HYPE higher in the coming months. Below, based on recent analysis and market insights, we will discuss these key events from now until 2026. November's DAT Release One of the most direct catalysts is the anticipated launch of the third DAT in November 2025. This event is expected to raise hundreds of millions of USD for the purchase and staking of $HYPE. Specifically, this includes the 305 million USD time-weighted average price (TWAP) buy after the final closure of Hyperliquid Strategies Inc., along with ongoing purchases averaging 100 million USD monthly from the assistance fund, thanks to strong revenue trends. Overall, approximately 405 million USD of $HYPE may be removed from circulation just in November. HyperEVM TGE Season Based on the progress of Layer-1 technology from Hyperliquid, the token generation event TGE on HyperEVM is accelerating, with multiple projects set to launch. Notable projects include: @kinetiq_xyz, @hyperlendx, @felixprotocol, @HypurrFi, @drip__trade, and @prjx_hl. As these TGEs unfold, users may reinvest some of the airdropped tokens into $HYPE, thereby enhancing liquidity and demand within the ecosystem. This change will continue into the end of the fourth quarter of 2025 and beyond, marking Hyperliquid's transformation into a comprehensive DeFi hub similar to Solana and Ethereum. Suppressed Price Performance Recently, @Techno_Revenant was pointed out for significantly suppressing the price of $HYPE through large-scale dumping, as mentioned by @mlmabc in their post: once the selling pressure from that entity eases, combined with ongoing TWAP buys and overall demand at the current price level, we expect a significant improvement in price performance in the short term. Token Unlocking and Supply Dynamics Starting from November 29, 2025, a total of 237.8 million $HYPE tokens (valued at approximately 11.9 billion USD at current prices) will begin to unlock over the next 24 months, leading to significant supply pressure and raising concerns among investors and analysts. Analysts, including Maelstrom, view this as the “first real test” for the token, fearing that the unlocking quotas may trigger dumping, dilute the market, and create downward pressure on prices against a backdrop of broader macro uncertainty. However, if the team decides to retain these unlocked tokens or, better yet, stake them, the entire oversupply situation seems to vanish instantly. Assistance Fund and Buybacks The assistance fund continues to play a critical role, having raised over 1 billion USD in funds for $HYPE. So far, we can only assume that, even without the use of point plans, platform revenues will continue to rise compared to other perpetual contract DEX competitors. At this rate, within less than 10 years, the assistance fund could repurchase all the $HYPE supply. Understanding Hyperliquid's SWPE As of mid-October 2025, the supply-weighted price-to-earnings ratio SWPE of Hyperliquid's $HYPE tokens has dropped to around 2.25-2.50, marking the lowest point this year, indicating that its value may be undervalued relative to the protocol's strong earnings. SWPE is an important indicator in crypto analysis for tokens like (, adjusted by weighting the traditional P/E ratio based on the effective supply or circulating supply of the token (available tokens for trading, excluding locked or staked amounts). Essentially, SWPE measures the “cheapness” of a token by dividing its market cap adjusted for circulating supply by the protocol's annualized income. A lower SWPE value indicates that the token price has failed to keep pace with earnings growth, making it an attractive entry point for value-oriented investors. Thanks to @skewga_hyper for the information. ETF and Index Inclusion ) is preparing for ETF launch and inclusion in the new S&P cryptocurrency index fund, which will be appealing to traditional value/growth investors. The ARKK fund led by Cathie Wood may invest through DAT to gain relevant exposure. Summary In summary, $HYPE is at a critical moment. Hyperliquid continues to dominate the decentralized perpetual futures space with impressive revenue performance and innovations like HIP-3 and USDH. While the upcoming token unlock poses significant risks and may trigger cautious sentiment among investors, the strong buyback mechanism and the potential for re-staking unlocked tokens may turn these challenges into opportunities for sustained growth and confidence. Coupled with the prospects of ETFs and DAT, growing revenues, and long-term protocol upgrades, the trend for $HYPE suggests that substantial returns may be in store for those who can wisely navigate volatility. As always, investors should closely monitor execution and market dynamics. This article does not constitute any investment advice. Related Reports Hyperliquid's Secret Weapon HIP-3 Launches, What Potential Alpha Opportunities Exist? Stake 500,000 HYPE to Open an “Exchange”? What is Hyperliquid's HIP-3? MetaMask is going all out! Launching 4 Major Plans: Collaborating with Hyperliquid to Launch Contracts, Integrating Polymarket Forecasts, LINEA Reward Airdrop (A review of recent catalysts that may impact the price of $HYPE ) This article was first published in BlockTempo, the most influential blockchain news media.