Binance Chases Hyperliquid Out of Perpetual Futures Market

CoinMarketCap's head of research, Alice Liu, believes Bitcoin has reached its cycle bottom following the June plunge to $59,000.

This price drop represented a 53% decline from the October all-time high of $126,100, making it improbable for Bitcoin to revisit those depths, according to Liu.

BTC's recovery has been substantial, reaching $81,600 in September with a roughly 28% rebound since mid-August.

Liu is more concerned about the competitive dynamics in perpetual futures contracts backed by tokenized stocks and indices. Binance's entry into this market has led to Hyperliquid losing its dominance, now commanding approximately 50% of total market share.

The HYPE token, associated with Hyperliquid, saw a price increase of 47.5% over the past 30 days, mainly due to aggressive buybacks worth more than $400 million. However, Liu questions whether this program can sustain itself if network activity does not generate enough revenue.