HYPE Trading Value on Bithumb Reaches 5.8 Times Bitcoin’s Turnover

Hyperliquid’s HYPE generated about $220 million in 24-hour turnover on South Korean exchange Bithumb, exceeding Bitcoin’s turnover by 5.8 times in a snapshot that captured concentrated trading.

At 2:20 a.m. ET Nov. 11 (07:20 UTC), HYPE accounted for 35.2% of Bithumb’s total 24-hour trading value. The 24-hour figure is a rolling measure of activity before the snapshot, rather than a fixed calendar-day total.

Trading was concentrated in a 10-minute stretch from 8:19 p.m. to 8:28 p.m. ET Nov. 10 (01:19–01:28 UTC Nov. 11). Bithumb recorded about $82.6 million in HYPE trades during that interval, involving about 1.149 million tokens. All 10 one-minute candles opened and closed at roughly $71.90.

That burst represented 96.7% of HYPE turnover on Bithumb from midnight Korea time (10 a.m. ET Nov. 10) through 4:20 p.m. Korea time Nov. 11 (2:20 a.m. ET). The percentage covers turnover only through that snapshot cutoff, not the full Korean calendar day.

HYPE’s 24-hour turnover on Upbit was about one-fortieth of Bithumb’s in the same snapshot. Bitcoin turnover on Upbit was 2.3 times its Bithumb total, showing that the two exchanges had different trading patterns across the same period.

Bithumb and Upbit listed HYPE in South Korea on Nov. 10. Before the launch, Bithumb announced opening controls for the HYPE market. Bithumb also waived trading fees on its HYPE-to-won market through 2:29 a.m. ET Nov. 13 and offered about $75,000 in trading and transfer incentives.