Hyperliquid’s HYPE token settled around $88.45 on October 1, down 2.74% for the session and roughly 9.6% below its late-September high of $97.88. TradingView data showed an intraday range of $88.12 to $91.10, while the broader highlighted range was $88.45 to $89.87. The daily RSI (Relative Strength Index, a momentum gauge) was 52.58, below its 61.17 moving average, pointing to weaker buying momentum after the August and September rally. The Hyperliquid Policy Center formally asked European authorities to regulate perpetual futures (contracts without an expiry date) under existing MiFID II derivatives rules rather than create separate crypto categories. The proposal argues that an instrument’s regulatory treatment should not change because it operates on blockchain infrastructure, and forms part of the European Commission’s review of the Markets in Crypto-Assets Regulation framework. Technical levels place resistance near $90.95 to $91.10, with a move above $91 potentially opening the $92-$95 area and a retest of $97.88. A break below $87.89 could expose support at $84.84 and then $81.29. Whale Insider reported on X that clients of Grayscale ETF products bought $4.96 million of HYPE, although the claim was presented as a social media report. Hyperliquid also expanded platform functionality through manual borrowing launched September 18, allowing users to borrow USDC and USDT stablecoins against eligible HYPE and BTC collateral; borrowing reached $269 million. Payward, Kraken’s corporate entity, said September 16 that it intends to offer Hyperliquid perpetual contracts to U.S. customers, subject to regulatory permissions, with Bitnomial handling market operations and NinjaTrader Clearing managing client accounts. Real-world asset trading volume fell from $37.5 billion in late July to $8 billion in the latest week, while open interest remained $3.9 billion, just 9.3% below its record. Hyperliquid network fees rose 7.5% month over month to $72 million in the previous month. Broader crypto markets received support after August Core PCE inflation rose 0.2%, reducing expectations for an October Federal Reserve rate increase from about 50% to 37%. Hyperliquid remained the best performer among the 10 largest cryptocurrencies by market capitalization, with a 270% year-to-date gain.