[HYPE Rebounds 108% from This Year's Low, On-Chain Data Shows Divergence from Price Movement] BlockBeats News, April 15, according to a report by Cointelegraph, Hyperliquid's native token HYPE retested $45 on Tuesday, marking its highest level since October 31, 2025. This rebound represents a cumulative increase of 108% from the annual low of $21 on January 21. However, market signals show divergence: Weak spot buying: The cumulative spot trading volume delta (CVD) has dropped to -$41.48 million, diverging from the price increase, indicating that the rise is primarily driven by passive demand rather than aggressive spot buying. Cautious futures sentiment: Futures CVD has remained flat at around -$748 million over the past month. While open interest (OI) has risen to $1.38 billion, the weak futures CVD suggests traders lack confidence in chasing the rally. Additionally, BitMEX co-founder Arthur Hayes predicts that if Hyperliquid continues to capture market share from centralized exchanges, HYPE could rise 200% to $150 by August this year. Currently, HYPE is trading at $43.5, 27% below its all-time high of $59. Analysts warn that if bullish momentum fades, the market may become more prone to sharp volatility driven by liquidations.