TechFlow News, May 20: According to independent analyst Markus Thielen, HYPE has emerged as one of the strongest-performing tokens in the crypto market since the outbreak of the Iran conflict, surging over 100% from its 2026 low—significantly outperforming Bitcoin. The primary catalyst behind this strength is Hyperliquid’s ongoing expansion beyond crypto assets into traditional financial (TradFi) asset classes, including the recent launch of oil and SpaceX perpetual contracts, which have attracted substantial capital inflows.
Markus Thielen notes that this trend reflects an accelerating shift by crypto exchanges toward high-volatility, topical TradFi derivatives—and underscores how the intrinsic value of crypto infrastructure itself is increasingly surpassing the crypto narrative alone. Although HYPE is already a highly crowded long position with strong conviction among market participants, its current momentum remains robust.
