I sold Bitcoin I held for over a decade. I never sold my HYPE.
Sit with that for a second, because it’s the entire thesis of this article. Through the whole bear market, while I trimmed everything else, one coin stayed untouched in my portfolio. And it rewarded that conviction by printing a new all-time high while the rest of the market bled.
This is the next entry in my DCA series, after my Bitcoin DCA, my Solana DCA, and the post on why I’m not DCAing Ethereum. Below I’ll give you my exact levels, my schedule, the data behind the timing, and the bear case I’m watching. But first, let’s talk about why Hyperliquid earned this kind of conviction in the first place.
What Is Hyperliquid?
Quick refresher for anyone new here. Hyperliquid is a decentralized exchange (DEX) built on its own Layer 1, purpose-built for one thing: trading. Perps, spot, and lately a whole lot more. If you want the live price, charts, and project details, check our Hyperliquid currency page.
DEX vs CEX: Why It Matters
The difference between a DEX and a CEX comes down to custody and control. On a centralized exchange (CEX) like Binance or Coinbase, you deposit your funds and trust the company to hold them, execute your trades, and let you withdraw when you want. On a DEX, you trade straight from your own wallet. No sign-ups, no KYC queues, no “withdrawals temporarily suspended” emails at 3 AM. After watching exchanges implode over the years (we all remember FTX), the value of self-custody isn’t theoretical to me. It’s a survival skill.
The trade-off used to be performance. DEXs were clunky, slow, and expensive. Hyperliquid killed that trade-off, and that’s exactly why it’s eating market share from the giants. We’ve broken down these matchups in detail:
And if you want to see which other DEXs are worth farming right now, we keep our list of the best DEX airdrops of 2026 updated.
The Case Study Every Future Project Should Study
Here’s the part that makes Hyperliquid special to me, beyond the charts.
Hyperliquid has dominated both the bull market and the bear market, in its very first cycle. And it all started with a farm and an airdrop. This is THE case study for future projects on how to successfully launch with an airdrop and not get the infamous “airdrop dump” chart. You know the one: token launches, farmers dump, price bleeds 90%, community evaporates. Hyperliquid did the opposite. The airdrop created owners, not sellers.
With over a decade of crypto experience, this is one of the biggest success stories I have ever witnessed. From farm, to launch, to a real community of believers, and a stellar product. Because there’s no beating around the bush on this one: as a DEX it’s insanely good, and they keep shipping functionality. Trading tokenized stocks, pre-IPOs, prediction markets, and more. The roadmap keeps expanding while everyone else is still copying the original product.
Well done, Jeff.
And yes, the farming opportunity isn’t over. Hyperliquid Season 3 is our favorite farm on the site right now. If you’re not farming it while reading this, we can’t be friends.
My Conviction: I Sold My Bitcoin, I Kept My HYPE
I opened this article with the Bitcoin line, so let me give you the full context behind it.
Selling a decade-old BTC stack is not a decision you make lightly. That position survived multiple cycles, exchange collapses, and every “crypto is dead” headline since 2013. When I finally rotated out of it, the natural move would have been rotating out of everything. Instead, HYPE became the single exception. Not because I was attached to it, but because it kept passing every test I judge a project by: real revenue, real users, and a team that ships through any market condition.
And funny enough, HYPE managed to make a new all-time high during this bear market. While everything else was bleeding, HYPE printed a new ATH. The conviction paid off. Revenue-generating products with real users tend to do that, bear market or not.
Why Now? The Numbers Behind the Timing
I don’t start a DCA on vibes. Here’s what the data looks like as I place my first buy.
Open interest in Hyperliquid’s HIP-3 markets just hit an all-time high of $4.3 billion. Read that again: a new record in open interest, during a bear market. That’s not speculators chasing a pump. That’s traders committing real capital to the platform while the rest of the market naps.
On top of that, over 169,000 wallets are now holding tokenized real-world assets on Hyperliquid. The RWA push isn’t a roadmap promise anymore, it’s live adoption you can count on-chain. Usage growing while price consolidates is exactly the setup I want for a DCA. You’re accumulating into strength that the chart hasn’t priced in yet.
The Bear Case (Because Every Real Thesis Has One)
If someone pitches you a coin with zero risks, close the tab. So here’s the strongest argument against my own position.
Wintermute’s CEO recently called US regulation Hyperliquid’s biggest long-term risk. And he’s not wrong to flag it. A decentralized perps platform doing this much volume will end up on regulators’ radar, one way or another. There’s also an interesting wrinkle here: Hyperliquid itself is leaning into the policy debate, publicly backing the SEC’s repeal of the trade-through rule and pushing for best execution guidelines for on-chain markets. That’s a project trying to shape the rules rather than dodge them, which I respect. But regulation remains the one variable no orderflow analysis can predict.
My take: the regulatory risk is real, and it’s the main reason I DCA instead of going all-in at one price. If a regulatory headline nukes the chart into my lower levels, my orders are already sitting there. The bear case doesn’t break my thesis. It literally funds it.
My HYPE DCA Strategy
Now the part you came for. Here’s exactly what I’m doing.
My DCA range: $52 down to $38.
I don’t think we go as low as $38. But if we do, I want a limit order sitting there waiting for it. That’s the difference between hoping for a dip and being ready for one. The best fills of my trading career came from orders I placed weeks before anyone thought they’d hit.
Timing: started today, first buy done.
Same playbook as my Bitcoin and Solana DCA strategies: buy twice per week until mid-November. Spread the buys, take the average price of this period, and let that average mark what I believe is “the end of the bear” period. No lump sums, no trying to nail the exact bottom. Nobody nails the exact bottom. You build a position across the zone where the bottom is most likely forming, and you let the average do the work.
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Bonus: My Short-Term Scalp Setup
DCA is the long game, but old habits die hard, so here’s the trade I’m stalking on the side.
I’m waiting for the $55–56 level to retest. If I see confluence there with volume and orderflow, I’ll take a stab at a long, with a target in the $64s. But as always, I’ll have some take-profits earlier to lock in profits and reduce my risk along the way. A scalp is a scalp: defined invalidation, partial TPs, no marriage. The DCA bags are the marriage.
Final Words
Every cycle produces one or two projects that define it. Last cycle nobody agreed on what that was. This cycle, I think the answer is already obvious: Hyperliquid. A farm that became an airdrop, an airdrop that became a community, and a community that became the best DEX in crypto.
I’m DCAing between $52 and $38, twice a week until mid-November. Simple plan, high conviction, and a limit order at $38 just in case the market wants to gift me one last discount.
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This is not financial advice. This is what I’m personally doing with my own money. Do your own research, size your positions responsibly, and never invest more than you can afford to lose.
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