HYPE surges 53% in seven days as options traders bet on a crypto volatility breakout!

Hyperliquid's HYPE token extended its winning streak to a fifth consecutive day, adding 6.5% to lock in a 53% seven-day gain and more than 20% in the past 24 hours alone, with daily trading volume surging 135% to $1.3 billion. Open interest climbed to its highest level since February 19, and the positive cumulative volume delta signals aggressive market-order buyers are in control — without yet showing signs of overheating.

Bitcoin steadied near $77,900 and ether traded around $2,130 as broader crypto markets found footing alongside a 1.5% S&P 500 bounce and easing oil prices. Crypto futures volume jumped 15% to $165.7 billion, open interest rose to $128 billion, and liquidations surged 72% to $266 million, snapping a two-day declining streak.

In the options market, the strangle has become the dominant strategy on Deribit for both BTC and ETH over the past 24 hours — a clear bet that…