HYPE Defies Broader Crypto Selloff After ICE Deal, Druckenmiller Investment and Musk Post

Over the past 24 hours, crypto traders saw $1.49 billion wiped out in liquidations, while Hyperliquid (HYPE) climbed more than 18%. The jump came after an Intercontinental Exchange (ICE) deal, an investment from Stanley Druckenmiller and a single-word post by Elon Musk.

According to Coinglass, short sellers of HYPE took on most of the token’s $30.86 million in liquidations. The suspected Binance hack pressured the broader market, and the US venue is still without approval.

Did Worries About Binance Drag Crypto Down as Hyperliquid Gained?

Late Thursday, Binance paused withdrawals while it looked into a suspected hot wallet hack that affected more than $6.2 billion in funds.

Stablecoins linked to the transfers were frozen by Tether and Circle, while Binance promised to make up for user losses. Within an hour, liquidations surpassed $600 million, nearly all from long positions, as Bitcoin declined.

Hyperliquid had a different catalyst. A definitive agreement with trade(xyz) was announced by ICE, the owner of the New York Stock Exchange. Hyperliquid perpetual futures are listed on the platform, and these contracts never expire.

Stanley Druckenmiller, who leads Duquesne Family Office, said in an X post that he had invested in trade(xyz).

“I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States.”

I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.

— Stan Druckenmiller (@standuquesne) October 29, 2026

Tesla and SpaceX CEO Elon Musk quoted the post, adding a single word: “Interesting.”

Can the Hyperliquid Rally Last If No Launch Date Is Set?

The most recent comparable situation saw the rally fizzle. Payward, which owns Kraken, laid out US Hyperliquid futures plans on Sept. 16, and HYPE reached record levels within days. In the weeks that followed, it fell.

Should the pattern hold, gains depend on regulatory approval and a launch date — and neither of those exists yet. How much of the advance remains will be reflected in HYPE’s live price data.

Either way, ICE’s retail initiative reveals a traditional exchange operator treating on-chain perpetuals as a market worth entering.