HYPE jumps 5% as token burn offsets $316 Million unlock, JUP gains weekly on supply freeze

Traders lean into supply compression stories in altcoins as Hyperliquid ramps up token burns and Jupiter freezes new emissions, even as bitcoin churns between $60,000 and $69,000 with muted flow. What to know : Hyperliquid’s HYPE token rose about 5% as surging trading activity, especially in oil futures, boosted fee revenue and accelerated token buy-backs and burns even as bitcoin and the broader crypto market declined. The protocol generated $2.8 million in fees over the past 24 hours and over $13 million in the past week, enabling $9.22 million worth of HYPE to be burned in seven days, a 20.4% increase from the prior period. Traders appear less concerned about this week’s $316 million HYPE token unlock, roughly 2.7% of released supply, amid expectations of limited net supply growth, a supply-discipline narrative also supporting Solana-based Jupiter’s JUP token.