On September 29, the Hypurr NFT series of the Hyperliquid ecosystem experienced explosive growth. On-chain data shows that not only did the highest transaction price for a single NFT approach the million-dollar level, but the floor price of the series also skyrocketed to 1315 HYPE (approximately $62,000), with a 24-hour trading volume reaching $38.48 million.
At the same time, there was a large-scale capital flow of HYPE tokens. On September 26, a certain whale address sold WBTC worth $4.84 million and AAVE worth $2.838 million, and then deposited 4.692 million USDC into Hyperliquid to purchase 101,000 HYPE (worth about $4.25 million).
01 Hypurr NFT Market Performance
The Hypurr NFT series performed stunningly on September 29, with multiple data points indicating that the series has become the market focus.
According to OpenSea data, the total trading volume of Hypurr NFT has reached 1 million HYPE, with the floor price hitting 1400 HYPE (approximately $65,000).
This figure continues to rise rapidly. According to ChainCatcher, the floor price of this NFT series has risen to 1444 HYPE (approximately $68,000).
On-chain analyst @ai_9684xtpa’s monitored data also confirms this trend, with Hypurr NFT’s 24-hour trading volume reaching 821,000 HYPE, approximately 38.48 million dollars.
The market trading is active, in addition to Hypurr #21 being sold at a record price of 9999 HYPE, item #2681 was also transferred for 4500 HYPE (approximately 210,000 USD).
02 Market Participants Analysis
The identity of buyers behind high-value transactions has attracted widespread attention in the market.
Golden Finance reported that on-chain analyst @ai_9684xtpa confirmed that the buyer of Hypurr #21, which was sold for 9999 HYPE, is the digital asset service provider Flowdesk, a company founded in 2020 with a valuation of 250 million dollars in 2024.
The seller is 0xguni (Hyperliquid username is thank you JEFF).
In terms of holder distribution, address 0xb71…3bc5c has become the largest individual holder, owning 13 Hypurr NFTs, indicating the preference of large holders for this series.
According to HyperLiquid’s official announcement, the Hypurr NFT collection consists of a total of 4600 NFTs, of which 4313 are allocated to the genesis event participants, 144 are allocated to the Hyper Foundation, and 143 are allocated to core contributors.
Currently, this series has a total of 4006 holders, with a holding dispersion rate of 87.1%. The relatively dispersed holder structure may reduce the risk of large holders controlling the market.
03 HYPE capital flow surged
As the Hypurr NFT trading is booming, the HYPE token has also seen significant capital flow.
On September 26, a large asset conversion operation occurred on-chain. A certain address sold 4.84 million USD worth of WBTC and 2.838 million USD worth of AAVE, then deposited 4.692 million USDC into Hyperliquid to purchase 101,000 HYPE (worth 4.25 million USD).
This operation indicates that some large investors are rotating funds from other cryptocurrencies into HYPE, showing confidence in the token’s prospects.
Meanwhile, the price of HYPE tokens has fluctuated recently. According to CoinMarketCap data, on September 26, the price of HYPE was $41.26, down 9.49% within 24 hours, with a trading volume of $797 million.
However, from a technical analysis perspective, some analysts point out that the HYPE price has retraced about 26% from its historical high and is currently at the key support range of 43-45 dollars, which is also considered by some analysts as the "golden buying zone."
04 Competitive Environment and Future Challenges
Despite the hot trading of Hypurr NFT, the Hyperliquid platform still faces fierce market competition.
In the decentralized perpetual contract trading space, competitor Aster has shown exceptionally strong performance. The latest data shows that Aster’s 24-hour perpetual contract trading volume reached $21.1 billion, almost twice that of Hyperliquid during the same period.
The open contract volume of Aster surged nearly 33,500% in less than a week, skyrocketing from 3.72 million dollars to 1.25 billion dollars, directly challenging the market position of Hyperliquid.
Aster’s competitive advantage partly comes from its collaboration with Trust Wallet The integration provides 100 million users with direct access to perpetual contracts.
With the support of CZ’s YZiLabs, Aster has the strength to challenge Hyperliquid’s market position.
05 Analysis of Future Market Trends
Market analysts are keeping a close watch on the future trends of HYPE.
The technical pattern shows that HYPE follows a 20% pullback for the fourth time within three months, and historically, this pattern often indicates a new historical high.
Fibonacci retracement analysis indicates that 42.898 USD is the 0.5 level, consistent with Ali Chart’s "golden buy zone" assessment.
However, HYPE will face a major test at the end of November. According to Cointelegraph, on November 29, 2025, HYPE will experience its first large-scale token unlock.
The research report from Maelstrom warns that a 24-month vesting plan will distribute a total of 11.9 billion HYPE tokens to the project team, potentially triggering significant market sell pressure.
Researcher Lukas Ruppert pointed out that the current token buyback mechanism can only absorb about 17% of the monthly release, which means that approximately 410 million tokens may create excess supply, posing a downside risk to the price.
Future Outlook
Chris, the founder and CTO of Hyperliquid, stated in a previous interview: "A true decentralized trading experience must not only consider speed and low costs but also empower users with genuine asset control." This philosophy is being realized through Hyperliquid L1’s 0.07 second block time and a maximum TPS of 200,000.
Despite facing fierce competition from Aster and the challenges of token unlock at the end of November, the sky-high transactions of Hypurr NFT and the inflow of HYPE tokens indicate that market confidence in the Hyperliquid ecosystem continues to strengthen.
For investors interested in this field, the market performance over the next two months will be crucial.
