Hyperliquid’s HYPE token climbed to a new all-time high of $67 after futures open interest across major exchanges surged to a record $2.9 billion. The 30% increase in leveraged positions over the past week reflects growing bullish sentiment and has fueled speculation that a short squeeze could push prices even higher.

The rally comes as the broader crypto derivatives market gains momentum following regulatory developments in the US. While analysts caution that elevated leverage increases volatility risks, traders are closely watching whether HYPE can sustain enough momentum to break above the $70 mark in the coming sessions.