Bitcoin Slides to 7-Day Low as Hyperliquid Oil Perps See Surging On-Chain Activity

Bitcoin has fallen to a seven-day low around $65.6k while Brent crude climbs to about $118–119 per barrel, its highest level since 2022. In response to the Iran war scare and Strait of Hormuz risks, traders have shifted on-chain into Hyperliquid's tokenised oil perpetuals, where crude prices jumped roughly 18% in a week and both volume and open interest grew sharply. Despite this derivatives boom and rising use of tokenised traditional assets, Hyperliquid's HYPE token continues to trade just over $30, nearly 50% below its September peak.