Hyperliquid's HYPE token saw increased demand as derivatives activity surged following the HIP 3 upgrade. Open interest in tokenized commodities and equities climbed to nearly $1.75 billion, boosting the token's value to around $42.78. The token traded within a narrow range, reflecting steady accumulation. Hyperliquid Strategies Inc., a major HYPE holder, reported a first-quarter net profit of $152.5 million, despite a nine-month net loss due to valuation changes. The firm holds 20 million HYPE tokens and maintains over $100 million in cash reserves, underscoring its commitment to the ecosystem. Supply reduction through buybacks and burns removed over 45 million HYPE tokens, supporting market sentiment. Weekly protocol revenue reached $11.58 million, with total value locked nearing $5.42 billion. Analysts anticipate resistance at $45.70, with potential bullish momentum targeting $50.