<p>Hyperliquid 最近表现强劲，本周的市场崩盘也未能阻止其势头。根据 DeFiLlama 的数据，该永续 DEX 平台在 2 月 5 日创造了 684 万美元的收入——这是自 10 月崩盘以来的最高纪录。</p>
<p>得益于金属市场的反弹，该平台的收入引擎在 1 月底重新启动，白银和黄金的交易量跃升至前五大资产之列。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/hyperliquid_2026-02-07.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/hyperliquid_2026-02-07.png"/></p>
<p>来源：DeFiLlama</p>
<h2>Hyperliquid 的 RWA 市场繁荣</h2>
<p>事实上，传统金融资产现在占 Hyperliquid 总交易量的 30% 以上，进一步凸显了零售投资者通过加密渠道接触商品和美国股票（真实世界资产，RWA）的日益增长的需求。</p>
<p>尤其是白银，最近波动非常大。然而，根据交易量，它在 1 月份排名第三，仅次于 ETH 和 BTC。该平台处理了 22 亿美元的白银合约交易量，Blockworks 指出在某些执行指标上甚至与传统金融平台相媲美。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Hyperliquid-crypto.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Hyperliquid-crypto.jpg"/></p>
<p>来源：Blockworks</p>
<h2>对 HYPE 和市场主导地位的影响</h2>
<p>那么，这一切爆炸性的增长对 HYPE 持有者有什么好处呢？首先，大部分产生的收入用于 HYPE 回购，作为对代币持有者的价值积累的一部分。</p>
<p>在 2 月 5 日，生成的 684 万美元中有 525 万美元被用于回购计划。根据 ASXN 数据，当天回购了 160.75k HYPE，这是 2026 年迄今为止的最高日回购。</p>
<p>自 2024 年底该计划启动以来，Hyperliquid 项目已回购 4050 万 HYPE，这些代币将被销毁并从流通中移除。</p>
<p>通常，这种通缩措施对代币总是利好，但更广泛的市场低迷影响了代币的价格走势。在上涨近 84% 从 20 美元攀升至 38 美元后，HYPE 的价格回落至 200 日简单移动平均线（SMA）以下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/HYPEUSDT_2026-02-07_16-28-38.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/HYPEUSDT_2026-02-07_16-28-38.png"/></p>
<p>来源：HYPE/USDT，TradingView</p>
<p>此外，2 月份创下的更高高点与相对强弱指数（RSI）上的更低高点形成对比。这是一个看跌背离，暗示回调可能会延续或随之而来。</p>
<p>根据图表，如果这种情况发生，27-38 美元区域可能是一个可能的价格整合区间。尤其是在更广泛的市场情绪保持疲软的情况下。</p>
<p>也就是说，Hyperliquid 的 RWA 繁荣使其永续市场份额提升至 6.7% 的历史新高——这对中心化交易所的现有参与者发出了明确的警告。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Hyperliquid-CEX-scaled.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Hyperliquid-CEX-scaled.jpg"/></p>
<p>来源：Hype Flows</p>
<hr/>
<h2>最后思考</h2>
<ul>
<li><em>Hyperliquid 在 2 月 5 日创造了 684 万美元的日收入——自 10 月崩盘以来的最高纪录</em></li>
<li>_RWA 繁荣推动了 HYPE 回购和平台的市场主导地位，但在经历 84% 的上涨后，山寨币可能会延续其回调。</li>
</ul>
<hr/>

黄金矿 ETF - Sprott

SLVR

GDXW

<p>Hyperliquid 在 2 月 5 日创下了 684 万美元的日收入新纪录，这得益于交易量的回升，特别是在白银和黄金等真实资产（RWA）方面。尽管收入有所增长，HYPE 代币在经历了 84% 的上涨后出现了价格回落，显著的回购行为也促进了其通缩模型。该平台在永续合约交易中的市场份额达到了 6.7%，显示出与中心化交易所之间的激烈竞争。然而， bearish 信号表明，如果市场情绪持续疲软，价格可能会在 27 美元到 38 美元的区间内整合</p>

<p>Hyperliquid has been on a tear lately, and this week’s market crash didn’t stop its momentum either. According to DeFiLlama, the perpetual DEX platform generated $6.84 million on 5 February – A record high since the October crash.</p>
<div class="lb-trans"><p>Hyperliquid 最近表现强劲，本周的市场崩盘也未能阻止其势头。根据 DeFiLlama 的数据，该永续 DEX 平台在 2 月 5 日创造了 684 万美元的收入——这是自 10 月崩盘以来的最高纪录。</p>
</div><p>The platform’s revenue engine sprang back to life in late January, thanks to the metals rally, with silver and gold jumping into the top five assets in terms of trading volumes.</p>
<div class="lb-trans"><p>得益于金属市场的反弹，该平台的收入引擎在 1 月底重新启动，白银和黄金的交易量跃升至前五大资产之列。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/hyperliquid_2026-02-07.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/hyperliquid_2026-02-07.png"/></p>
<p>Source: DeFiLlama</p>
<div class="lb-trans"><p>来源：DeFiLlama</p>
</div><h2>Hyperliquid’s RWA market boom</h2>
<div class="lb-trans"><h2>Hyperliquid 的 RWA 市场繁荣</h2>
</div><p>In fact, TradFi assets now account for over 30% of overall Hyperliquid trading volumes, further underscoring the growing appetite for retail exposure to commodities and U.S equities (real-world assets, RWA) via crypto rails.</p>
<div class="lb-trans"><p>事实上，传统金融资产现在占 Hyperliquid 总交易量的 30% 以上，进一步凸显了零售投资者通过加密渠道接触商品和美国股票（真实世界资产，RWA）的日益增长的需求。</p>
</div><p>Silver, in particular, has been very volatile lately. However, based on trading volumes, it was ranked third after ETH and BTC in January. The platform handled $2.2 billion in volumes for silver contracts, with Blockworks noting that it rivaled even TradFi platforms on some execution metrics.</p>
<div class="lb-trans"><p>尤其是白银，最近波动非常大。然而，根据交易量，它在 1 月份排名第三，仅次于 ETH 和 BTC。该平台处理了 22 亿美元的白银合约交易量，Blockworks 指出在某些执行指标上甚至与传统金融平台相媲美。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Hyperliquid-crypto.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/Hyperliquid-crypto.jpg"/></p>
<p>Source: Blockworks</p>
<div class="lb-trans"><p>来源：Blockworks</p>
</div><h2>Impact on HYPE and market dominance</h2>
<div class="lb-trans"><h2>对 HYPE 和市场主导地位的影响</h2>
</div><p>And so, how does all this explosive traction benefit HYPE holders? For starters, most of the generated revenue goes to HYPE buyback as part of value accrual to token holders.</p>
<div class="lb-trans"><p>那么，这一切爆炸性的增长对 HYPE 持有者有什么好处呢？首先，大部分产生的收入用于 HYPE 回购，作为对代币持有者的价值积累的一部分。</p>
</div><p>On 05 February, $5.25 million of the generated $6.84 million was directed to the buyback program. According to ASXN data, 160.75k HYPE was bought back on that day, the highest daily buyback so far in 2026.</p>
<div class="lb-trans"><p>在 2 月 5 日，生成的 684 万美元中有 525 万美元被用于回购计划。根据 ASXN 数据，当天回购了 160.75k HYPE，这是 2026 年迄今为止的最高日回购。</p>
</div><p>Since the program began in late 2024, the Hyperliquid project has bought back 40.5 million HYPE that will be burned and removed from circulation.</p>
<div class="lb-trans"><p>自 2024 年底该计划启动以来，Hyperliquid 项目已回购 4050 万 HYPE，这些代币将被销毁并从流通中移除。</p>
</div><p>Typically, such deflationary moves are always bullish for the token, but the broader market lull caught up with the token’s price action. After rallying by nearly 84%, climbing from $20 to $38, HYPE cooled off below the 200-Day Simple Moving Average (SMA).</p>
<div class="lb-trans"><p>通常，这种通缩措施对代币总是利好，但更广泛的市场低迷影响了代币的价格走势。在上涨近 84% 从 20 美元攀升至 38 美元后，HYPE 的价格回落至 200 日简单移动平均线（SMA）以下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/HYPEUSDT_2026-02-07_16-28-38.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/HYPEUSDT_2026-02-07_16-28-38.png"/></p>
<p>Source: HYPE/USDT, TradingView</p>
<div class="lb-trans"><p>来源：HYPE/USDT，TradingView</p>
</div><p>Besides, the higher highs printed in February contrasted with the lower highs on the RSI (Relative Strength Index). This was a bearish divergence that suggested the cool-off may extend or a pullback may follow.</p>
<div class="lb-trans"><p>此外，2 月份创下的更高高点与相对强弱指数（RSI）上的更低高点形成对比。这是一个看跌背离，暗示回调可能会延续或随之而来。</p>
</div><p>Based on the chart, the $27-$38 area might be a likely price consolidation zone if such a scenario plays out. Especially if the broader market sentiment remains weak.</p>
<div class="lb-trans"><p>根据图表，如果这种情况发生，27-38 美元区域可能是一个可能的价格整合区间。尤其是在更广泛的市场情绪保持疲软的情况下。</p>
</div><p>That said, Hyperliquid’s RWA boom has lifted its perpetual markets share to a record high of 6.7% – A clear warning to CEX incumbents.</p>
<div class="lb-trans"><p>也就是说，Hyperliquid 的 RWA 繁荣使其永续市场份额提升至 6.7% 的历史新高——这对中心化交易所的现有参与者发出了明确的警告。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Hyperliquid-CEX-scaled.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/Hyperliquid-CEX-scaled.jpg"/></p>
<p>Source: Hype Flows</p>
<div class="lb-trans"><p>来源：Hype Flows</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最后思考</h2>
</div><ul>
<li><em>Hyperliquid generated a daily revenue of $6.84 million on 05 February – The highest since the October crash</em></li>
<li><em>The RWA boom fueled HYPE buybacks and the platform’s market dominance, but the altcoin may extend its cool-off after an 84% surge.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>Hyperliquid 在 2 月 5 日创造了 684 万美元的日收入——自 10 月崩盘以来的最高纪录</em></li>
<li>_RWA 繁荣推动了 HYPE 回购和平台的市场主导地位，但在经历 84% 的上涨后，山寨币可能会延续其回调。</li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

Hyperliquid – Record daily revenue of $6.84M, but HYPE hits the brakes

Amb Crypto

Sprott Silver Mnrs & Physical Silver ETF

Roundhill Gold Miners Weeklypay ETF

2 倍做多黄金 ETF - ProShares

黄金 ETF - iShares

Silvercrest Metals

金矿小盘股 ETF - VanEck Vectors

纽蒙特矿业

白银信托 ETF - iShares

黄金和贵金属矿商 ETF - U.S. Global

初级黄金矿股 ETF

白银矿业股 ETF - GlobalX

贵金属股 ETF -ETFS

Kinross Gold

金矿股 ETF - VanEck Vectors

实物白银股票 ETF - ETFS

Sprott Active Gold & Silver Miners ETF

2 倍做多白银 ETF - ProShares

Hyperliquid 创下每日收入记录达 684 万美元，但 HYPE 却放缓了步伐