Hyperliquid's native token $HYPE broke through $60 on July 22, reaching a new all-time high (ATH) above the previous record of $59.3 set in September 2025. The token traded between $59.6 and $59.8, posting a 24-hour gain of roughly 16%-18% with trading volume surging into the billions of dollars.
The market capitalization climbed to between $14 billion and $15 billion, securing HYPE a spot among the top 10-12 cryptocurrencies by market cap. Since late April, when HYPE was trading around $37, the token has rallied more than 50% in just a few weeks.
Real Revenue Boom and Hyper-Deflation: 97% Fee Buyback and Burn
The HIP-3 upgrade introduced real-world assets (RWA) such as gold, crude oil, and the S&P 500 index contracts, pushing daily trading volume to tens or even hundreds of billions of dollars. The recent Middle East conflict boosted crude oil contract activity. Most notably, Hyperliquid uses 97% of its platform fee revenue to automatically repurchase and burn HYPE, creating a powerful deflationary mechanism backed by real cash flow.
Wall Street Inflows and ETF Filing: Grayscale Buys $25M HYPE
Crypto asset manager Grayscale purchased and staked approximately $25 million worth of HYPE (about 510,000 tokens) in the past two weeks and has submitted an S-1 filing for a spot HYPE ETF. Bitwise's BHYP ETF also committed to using part of its fees to buy and stake HYPE. Exchange giant Coinbase has become an official USDC treasury deployer for HYPE, while Circle actively participates and stakes HYPE. The platform is shifting to USDC as its primary quote asset to attract more institutional capital.
FOMO and Narrative Upgrade: Arthur Hayes Targets $150
BitMEX co-founder Arthur Hayes and other prominent market voices have publicly set a $150 price target for HYPE. With an upcoming prediction market (HIP-4), Hyperliquid is evolving from a pure decentralized exchange into an on-chain capital market infrastructure. Analyst caution that $60 is a critical psychological level—a successful hold could trigger a short squeeze, while a failure may lead to profit-taking selling pressure. Whether Hyperliquid can further eat into centralized exchange (CEX) market share amid sustained Wall Street inflow will be key for the next valuation leg.