HYPE Rises to Treasury Crown as Shorts Retreat

by

In the long dry spell of markets, where the road lays straight and the air tastes of dust and numbers, HYPE has found a pantry in the treasury. It now holds 8.2% of its circulating supply in the care of digital asset treasuries, and in twelve short months it has breezed past the old big dogs. The derivatives crowd tells the same story with their own kind of noise: a thinning line of heavy shorts, as if a wind had shifted and carried their whispers away. The mood, if you want to call a mood at all, seems to be changing its clothes.

Hyperliquid, that restless fiddler of balance sheets, is remaking the maps of where money keeps its roots. The plainspoken data, like weather on the prairie, keeps its own stubborn forecast.

According to CryptoRank’s notes, HYPE has moved from near-zero treasury presence to leading all major digital assets in the share of circulating supply kept in treasuries. By February 2026, 8.2% of HYPE’s circulating stock was tucked away in treasury structures, nearly doubling Bitcoin’s 4.2% and outpacing BNB’s modest 0.5%.

While the wider markets keep wheezing and tumbling like old wagons, this one number stands as a stubborn flag on a fence: a sign of ecosystem strength, or at least someone’s long-term stubborn belief in tomorrow.

From Zero to Treasury Leader

In a single year, HYPE has shifted from the shadows of marginal strategy to the throbbing heart of treasury concentration. Treasury holdings aren’t merely betting slips; they’re the long breath of an organism that plans to stand when the wind finally quits. That makes the turn worth more than a wag of the tail.

Unlike Bitcoin’s broad, even spread of coins, HYPE’s heftier treasury share suggests something coordinated-perhaps an incentive that binds the ecosystem, a careful hand on liquidity, or a charted course toward growth. The numbers scream, if you listen, that accumulation isn’t shy here-it’s a deliberate march rather than a hobby.

The question now is whether this is the sign of structural adoption or a concentrated push in an early, bright growth phase.

Shorts Pull Back as Open Interest Builds

Beyond the ledger of treasuries, the derivatives chatter adds its own layer. HyperInsight notes the largest short seller trimmed HYPE short exposure by nearly 98,713 contracts, worth about $2.94 million.

Total open interest sits above $10.4 million, with an average entry price near $30.70. The position holds a sizable unrealized profit-over $1.43 million-while the liquidation line sits well above current prices. The sharp drop in short contracts could be profit-taking, or a shift in conviction, possibly easing the immediate clatter on the downside.

Accumulation or Concentration Risk?

HYPE’s rise to the top of treasury rankings speaks to a stubborn internal alignment and a growing sense of ecosystem heft. Yet high treasury concentration paired with leveraged derivatives can magnify swings in either direction-like a dry wind that can lift the dust or rip it away.

For now, HYPE stands at a crossroad. Treasury dominance signals confidence. Short reductions hint at changing sentiment. Whether this momentum will settle into lasting structural growth remains the market’s next big question.

Read More

2026-02-25 19:22