# This Altcoin Rose 15% as Bitcoin and Ethereum Fell: Trading Volume Jumped Eightfold

> As Bitcoin and Ethereum declined, HYPE rose 15%, while the token’s open interest in derivatives increased 28% and trading volume jumped nearly eightfold. As selling pressure mounted in the crypto…

**As Bitcoin and [Ethereum](https://koinbulteni.com/en/coins/ethereum) declined, HYPE rose 15%, while the token’s open interest in derivatives increased 28% and trading volume jumped nearly eightfold.**

As selling pressure mounted in the crypto market following the Binance attack, HYPE stood out with a move in the opposite direction. According to data in CoinDesk’s October 30 market analysis, Bitcoin fell 3.1% over the past 24 hours and Ethereum lost 4%; HYPE’s double-digit gain was accompanied by notable activity in derivatives trading.

### Buying activity accompanied HYPE’s rise

HYPE’s **open interest increased 28%**. This measure, which represents the total value of derivatives contracts that have not yet been closed, rose alongside the price, showing that the size of market positions had also increased. Trading volume jumping nearly eightfold showed that the token was trading at an unusually high level.

The **cumulative volume delta (CVD)**, which tracks the difference between buy- and sell-side market orders, was positive. This indicated that buy-side market orders were gaining the upper hand in HYPE trading.

The [funding rate](https://koinbulteni.com/en/guides/how-to-read-funding-rate-and-open-interest) also remained positive and rose, indicating that holders of long positions betting on a price increase were paying more to holders of short positions. Thus, the jump in price and volume was accompanied by an increase in the cost of maintaining bullish positions.

### Liquidations across the broader market reached $1.57 billion

As HYPE diverged from the market, **24-hour liquidations in crypto futures reached $1.57 billion**. The figure was $337 million in the previous 24-hour period. Positions worth $522 million in [Bitcoin](https://koinbulteni.com/en/bitcoin-price-usd) and $361 million in Ethereum were liquidated.

While open interest across the broader market fell 3%, it increased for HYPE, showing that the token stood apart not only in price but also in derivatives positioning. The data reflects the market picture in the October 30 analysis.