Hyperliquid Open Interest Surges as HYPE Faces Unstaking Pressure

Hyperliquid's open interest has surged to $11.51 billion, its highest level this year, despite the broader crypto market remaining sharply below October 10 levels.

The total crypto market cap is roughly 45% lower and Bitcoin trades near $65,000.

RWA perpetuals have become a major driver of activity on Hyperliquid, with daily open interest under HIP-3 reaching $3.61 billion.

This makes HIP-3 the largest single open-interest category for Hyperliquid, surpassing other layer-one tokens and even Bitcoin in terms of activity.

However, HYPE has faced pressure due to unstaking moves by major holders Multicoin Capital and Selini Capital, which could impact the token's price and liquidity concentration on the platform.

As a result, market participants should watch support levels, liquidity concentration, and further large-holder activity.