Hyperliquid draws Kraken parent’s interest – But HYPE’s $75 floor faces THIS

Payward, the parent company of the crypto exchange Kraken, announced its intent to be the first deployer regulated by the Commodities Futures Trading Commission (CFTC) on HIP-3 markets.

Hyperliquid stated on X that Payward will utilize Hyperliquid [HYPE] as the infrastructure layer to establish perpetual futures markets for U.S. clients. This arrangement is currently pending regulatory approval.

Bitnomial, which is Payward's CFTC-regulated designated contract market (DCM) and derivatives clearing organization (DCO), would be responsible for creating, owning, and administering the markets, alongside handling contract clearing and settlement.

The planned deployment will leverage HIP-3. This HIP-3* framework extension introduces an optional deployer configuration for permissioned markets, and its activation requires an onchain allowlist managed by the deployer.

In the preceding 24 hours, HYPE increased by 0.63%, though these short-term gains mirrored those of Bitcoin [BTC] and the broader altcoin market.

While HYPE bulls have seen a bullish trend for much of this year, the daily timeframe trend faces significant risk. Recently, the token price declined to a local low of $74.5.

The $75.61 100-day moving average and the bullish structure's anchor at $75.17 are currently under pressure. A daily session closing beneath either of these levels signals a potential bearish trend shift.

Despite a price correction spanning five weeks, the OBV indicates selling pressure has not been overwhelming. Trading volume has decreased recently, although the volume indicator remains near yearly highs.

The 4-hour chart structure shows bearishness, but the price has established the $74-$76 zone as a current steady demand area. HYPE has remained beneath the 50 and 100-period moving averages on this timeframe for most of October.

A bearish continuation seems probable, particularly if a daily session closes below $75.17. To regain bullish momentum, the H4 price action must reclaim the 100-period moving average supported by consistent demand.