Hyperliquid Hits Record $96 as US Tokenization Easing Sparks Rally in UNI, AVAX and ENA

Crypto tokens tied to digital-asset trading and tokenization infrastructure are rallying as US regulators accelerate efforts to expand the crypto and tokenized-asset market.

Bloomberg reported on Sept. 21 that Hyperliquid rose to a record $96, lifting its market capitalization above $20 billion. Over the past week, Uniswap (UNI) has gained about 40%, while Avalanche (AVAX) has climbed 47%. Ethena (ENA) rose about 50% over the same period, and Ondo (ONDO) advanced 26%.

The rally gathered momentum after the US Securities and Exchange Commission last week granted a five-year exemption allowing tokenized US stocks to trade on-chain on platforms that meet certain requirements.

Investor sentiment improved even after the CLARITY Act failed to clear a procedural vote in the US Senate, with the SEC and the Commodity Futures Trading Commission pressing ahead with crypto-related policy using their existing authority.

Ayesha Kiani, chief operating officer at Monark Asset Management, said the SEC and CFTC are becoming more active in providing the industry with a regulatory framework under their existing authority. While that cannot replace the permanence of legislation, it is giving the market confidence that the regulatory backdrop is continuing to improve rather than slipping back into uncertainty.

Still, the rally has been concentrated in tokens linked to digital-asset trading and tokenization infrastructure, rather than spreading across the broader small- and mid-cap crypto market. Bitcoin (BTC) also rose above $86,000, reaching its highest level in eight months.

Carlos Guzman, vice president of research at GSR, said appetite for risk assets is reviving more broadly alongside gains in technology stocks. Last week's interest-rate increase by the Federal Reserve was hawkish, but it had been widely anticipated and helped ease some uncertainty around the path of future rates.

For Hyperliquid, growth in its derivatives market is also supporting the advance. Data site hl.eco showed Hyperliquid's open interest rose to $8.3 billion, while trading in perpetual futures tied to traditional assets has also expanded sharply this year.

Hyperliquid's prospects for entering the US market are also improving. Payward, Kraken's parent company, said last week it plans to offer on-chain perpetual futures to US customers, beginning with a Hyperliquid-based market.

Joshua Lim, FalconX's global co-head of markets, said the SEC's exemption created a compliant path for automated market makers to provide liquidity for tokenized stocks. He added that capital is moving with high conviction into networks such as Avalanche.