HYPE may encounter resistance after a big pump of 183%, as new competitors target the derivation market.

[Coin World] Hyperliquid's [HYPE] significant rise may face resistance in the summer as the Crypto Assets perpetual futures market is about to welcome competition. During the recovery in the second quarter, Hyperliquid's activity surged, driving HYPE pump 183%, even surpassing Bitcoin [BTC]'s 30%. However, with a certain platform announcing the launch of futures perpetual contracts on July 21, this momentum may face new turbulence. In fact, it directly targets Hyperliquid's currently thriving derivation sector.

The trading platform will offer nano Bitcoin (0.01 BTC) and nano Ethereum [ETH] (0.10 ETH) Perptual Futures, which are fully compliant with CFTC regulations, aiming to address the long-standing domestic gap in the access to Crypto Assets derivation. These contracts have no fixed expiration date but will include hourly Funding Rates and long-term expirations. This move challenges the offshore dominance and puts pressure on Hyperliquid, as this trading platform now aims to legally replicate Hyperliquid's non-KYC, high-leverage advantages.

Hyperliquid DEX made its debut last year but already has $2.78 billion in BTC open contracts (OI). It ranks fourth, only behind some major trading platforms. However, the actions of this trading platform have sparked a complex view on the mid-term moat of DEXs. One analyst indicated that the founder of a certain trading platform shares similar reservations. In a recent interview, he stated that around 30,000 Hyperliquid users might opt for certain "easier" alternatives from other trading platforms. However, others believe that the perps traders from these trading platforms will eventually migrate to Hyperliquid, citing lower fees and no KYC requirements.

Whales are on the sidelines, and although opinions vary, their interest in HYPE remains strong. Two institutional whales have deposited nearly $50 million and started buying HYPE. While the continued interest from large participants may indicate a positive price outlook for HYPE, the market remains somewhat cautious in the short term. According to data from the data platform, since June 20th, the weighted sentiment for HYPE has been negative to neutral. Even with whale accumulation, broader retail confidence remains weak.

Meanwhile, a certain data platform's 7-day liquidation heatmap marks $33, $35, and $39.6 as key liquidity magnets. The current price trend is close to both ends of the liquidity range, exposing HYPE to a tug-of-war between whale power and market hesitation.