Hut 8 Price Analysis: Can HUT Hold Its Run?

Hut 8's perpetual on Phemex rose on six of the seven days after its early-November low, our price analysis shows. The Nasdaq- and TSX-listed company calls itself an energy infrastructure platform for AI and other energy-hungry computing. HUT closed the run near $62.73, still about 41% under its September high close.

HUT's perpetual on Phemex rose about 38% over the seven daily closes to mid-November, its largest seven-close rise since its September 2026 listing. Only 4 of its 47 seven-close stretches since listing rose at all. This run began at its lowest close since listing, and it would take two more runs this size to clear its September high close.

How Rare Was Hut 8's Rise From Its November Low?

Very rare, by HUT's own record. Phemex lists HUT among its TradFi futures, contracts that track traditional assets such as stocks, and HUT's contract started trading there in September 2026.

The table compares each daily close since that listing with the close seven days earlier, weekend bars included, which gives 47 overlapping seven-close stretches.

Before this run, HUT's best seven-close stretch was a gain of about 2%, and the other 39 stretches before the run all fell. Three of the four rising stretches ended during the run itself, including the only two double-digit gains since the listing.

HUT's up days and down days split almost evenly. The falls ran bigger, averaging about 4.9% against about 3.8% for the rises. Over seven closes, that gap added up, and 43 of the 47 stretches ended lower.

The run opened with HUT's largest one-day rise since listing, about 16% the day after the low. It ended with a last daily bar up about 5.5%, third among the 69 listed TradFi perpetuals on Phemex that day, where the median move was close to flat.

Over the full seven closes, those 69 contracts rose by a median of about 9% and HUT came sixth. So HUT ran with a rising group and still beat most of it.

Will Hut 8 Keep Going Up?

No Hut 8 stock forecast can promise that, but HUT's own closes show where the run gets tested in each direction.

The nearest test overhead sat only about 1% above where the run ended, a swing close that topped the two closes on either side of it.

The bigger hurdle was the 50-bar average, the mean of HUT's last 50 daily closes, near $73. Because the contract trades every day, those bars span only about seven weeks on the calendar. The average sat about 17% above where the run ended, so the longer trend still pointed down.

Underneath, the first floors were two late-October swing lows near $60. The next one down, near $51.60, came on a weekend in early November. Weekend closes like that are normal for HUT, because TradFi assets can be traded 24/7 as futures while Nasdaq is shut.

We'd judge the run by those floors near $60. Closes above them keep it intact, and a close above $63.56 would be the first step up. A slip under both would bring the weekend close near $51.60 back into view. A close above the 50-bar average would be the first real sign of a turn. Short of that, the run reads as a sharp bounce in a falling trend.

How High Can Hut 8 Go?

HUT's highest close on Phemex since its September 2026 listing was $106.75, on 22 September 2026, and it touched $111.34 during that day. Getting back there would take a rise of about 70% from the run's last close, and reaching $100 would take about 59%.

That high came two days after the listing, and no later close matched it. HUT's best close in October was $91.84, some 14% lower.

The contract's first close, on its listing day, was about $99. It closed at $100 or higher on only four days, all in the days right after that listing. From that first close to its lowest close since listing, HUT lost about 54%, and the run won back about a third of the drop.

Over the 30 days to the run's last close, HUT still fell about 25% from a close near $84, so the rebound covered only part of the October slide.

Put plainly, one more seven-close rise as big as this run would take HUT to about $87, still short of $100. Two in a row would clear the September high. HUT had managed one such stretch since its listing, so $100 would take more than its best stretch on record, and the September high would take far more again.

How Can You Trade HUT on Phemex?

HUT/USDT is a USDT-margined perpetual with leverage of up to 10x. It follows the Hut 8 stock price and has no expiry date, and you never own HUT stock when you trade it.

Its daily bar closes in the New York evening, a few hours after Nasdaq's closing bell. A daily move on the perpetual therefore covers a different stretch of trading from the stock's session, and the two can differ.

A perpetual stays near the share price through funding rates, payments that pass between long and short traders every eight hours on HUT's contract.

Futures use leverage, and a leveraged position is closed automatically if losses push its margin below a set minimum. Traders call that forced close liquidation, and the usual rules for avoiding liquidation in crypto trading apply on stock perpetuals too. HUT's daily bar moved 10% or more in either direction six times since its listing, so high leverage leaves a position little room.

1. Open a Phemex account and add USDT to your futures balance.

2. Go to Futures and search for the HUT/USDT perpetual by its ticker.

3. Pick isolated or cross margin, then set leverage of up to 10x.

4. Place your order with a stop-loss, and size it for weekend moves as well as weekday ones.

Frequently Asked Questions

Is Hut 8 a good investment?

Only you can weigh that, but HUT's record on Phemex shows the risk. Even after its best seven-close rise since listing, the perpetual closed mid-November about a quarter below its level a month earlier, and futures add liquidation risk to those swings.

Why does HUT trade on weekends?

HUT on Phemex is a perpetual futures contract, and Phemex keeps it trading around the clock. Nasdaq and the TSX close for the weekend, so a weekend bar reflects trading in the contract alone and can finish away from the stock's last session close.

How many bitcoin does Hut 8 own?

Hut 8's third-quarter 2026 results give its bitcoin holdings in dollars only. They show $697.4 million attributable to Hut 8 and $702.9 million attributable to American Bitcoin, one of its brands, at the end of September. After the quarter, Hut 8 sold about 2,148 bitcoin to fund share buybacks.

Bottom Line on the Hut 8 Price Analysis

Holding a rebound and reversing a slide are two separate tests, and at the run's last close HUT had passed only the first. Its best seven closes came straight off its worst close, so the run proved the floor and left the trend question open.

Rarity cuts both ways. Before this run, HUT had never made a seven-close move like it on Phemex, so its own record held no example of what usually follows one.

The trend question turns on a close above the 50-bar average near $73. Short of that close, the floors near $60 were the line the run had to hold. Those floors were less than 5% below the run's last close and the average about 17% above it, so the nearer test was the one underneath.

Disclaimer: This article is for informational purposes only and is not financial advice. Cryptocurrency trading involves substantial risk. Always do your own research before making investment decisions.