The so‑called Ethereum killer story is giving way to a multi‑chain ecosystem where specialized Layer 1s like Hyperliquid (HYPE) can thrive amid market volatility.

Ultimately, the narrative now sees diverse blockchains as complementary to Ethereum, with HYPE illustrating resilience through solid fundamentals and strong tokenomics.

Solana remains a top mover in activity, hosting hundreds of projects, while BNB Chain pushes forward with sub‑second finality and AI‑driven smart wallets, powering the October 2025 rally.

Ethereum progress is highlighted by the Dencun upgrade cutting L2 costs, the SEC’s July 2024 approval of spot Ethereum ETFs boosting institutional adoption, and Fusaka’s mainnet upgrade slated for December 3, 2025 to improve scalability and costs.

Catalysts for HYPE include daily buyback mechanics that absorb supply, speculative interest around a possible spot ETF filing by 21Shares, and growing use in DeFi and niche applications.

HYPE’s price action shows a move from a low near $3.81 to highs around $59.30 in September 2025, peaking near $98 in October, and pulling back to roughly $38.17 by November 5, 2025, with a market cap of about $12.8 billion and daily trading around $915 million.

The outlook calls for continued volatility but emphasizes a longer‑term shift toward a multi‑chain world where strong tokenomics and real utility drive resilience, with potential further spot ETF approvals and steady institutional interest.

Market sentiment has shifted to value niche strengths and multi‑chain use cases, with Solana, HYPE, gaming, DeFi, AI integration, DePINs, and RWA tokenization gaining traction.