Hyperliquid's native token, HYPE, has hit its highest value since October 31, 2025, extending its 108% rally from its yearly low at $21 on Jan. 21. Despite this success, market demand signals remain mixed, with spot demand decreasing to -$41.48 million, suggesting that the rally is supported more by passive demand without aggressive spot buying. The futures CVD has remained mostly flat near -$748 million over the past month, after recovering from lows near -900 million. The open interest (OI) has risen steadily to $1.38 billion, indicating increased market participation. BitMEX founder Arthur Hayes predicts that HYPE could reach $150 if Hyperliquid expands its dominance in the futures market and its product suite.