The MSTR stock price has crashed by nearly 50% this year, while PURR jumped by 135%. Strategy’s sell-off gained steam this week amid woes in its preferred stocks, such as STRC and STRD, reaching its lowest level since 2024. It has fallen by over 82% from its record high.
PURR and MSTR have diverged substantially due to the ongoing performance of their respective assets. Hyperliquid Strategies has soared due to recent HYPE gains. HYPE token has jumped by 147% this year, while Bitcoin has slumped by 32%.
Michael Saylor’s Strategy holds 847k BTC, while Hyperliquid Strategies holds over 28.7 million HYPE tokens worth over $1.8 billion. The HYPE token has jumped due to its growing utility, as the volume of perpetual futures traded on its platform increases.
Data show that the volume jumped to $252 billion over the last 30 days, much higher than the combined volume of other protocols like Lighter, Aster, ApeX Protocol, and Grvt. Its volume has also been higher than that of all DEX protocols on Ethereum, Solana, and Base combined during the same period.
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The volume has jumped due to its popularity among users and ongoing innovation. For example, it became the first major project to launch tokenized assets like stocks and commodities.
Hyperliquid is also making millions of dollars, which it is using to repurchase and burn its tokens. Data compiled by TokenTerminal shows that it has earned $923 million in fees this year, making it the fourth-most profitable player after Tether, Tron, and Circle.
These fundamentals have pushed analysts to boost their forecasts. For example, in a recent note, Multicoin Capital predicted that the token will jump from the current $62 to $300 later this year.
Bitcoin, on the other hand, has slumped due to low investor demand, with many turning to the stock market to capitalize on the AI boom. Recent data show that spot Bitcoin ETFs have shed $4 billion this month, following a $2.4 billion loss the previous month.
HYPE ETFs, on the other hand, have added $161 million this month after adding $132 million in May, showing a clear divergence between Bitcoin and HYPE demand.
READ MORE: COIN Stock Price is Slumping Amid Crypto Winter: Is CONY a Better Buy?
