HYPE Rebounds 108% from Yearly Low, On-Chain Data Shows Divergence from Price Movement

April 15 — Hyperliquid’s native token HYPE retested $45 on Tuesday, hitting its highest level since October 31, 2025, according to Cointelegraph. The token has rebounded 108% from its annual low of $21 on January 21. Yet conflicting market signals are emerging: - **Weak spot buying interest**: Spot Cumulative Volume Delta (CVD) has dropped to -41.48 million, diverging from the price rally. This indicates the uptick is primarily driven by passive demand, not aggressive spot buying support. - **Cautious futures sentiment**: Futures CVD has held around -748 million over the past month. While Open Interest (OI) has climbed to $1.38 billion, the softness in futures CVD suggests traders lack confidence in chasing the uptrend. Additionally, BitMEX co-founder Arthur Hayes predicts HYPE could surge 200% to $150 by August this year if Hyperliquid continues to capture market share from centralized exchanges (CEXs). HYPE is currently trading at $43.5, down 27% from its all-time high of $59. Analysts warn that if bullish momentum fades, the market may become more vulnerable to sharp volatility driven by liquidations.