Hyperliquid's HYPE token hit a fresh all-time high of $69.97 on May 31, before easing into the $67–$68 range. The token still holds monthly gains above 67% and a seven-day increase of over 8%. With a max supply of 1 billion tokens, its fully diluted valuation exceeds $65 billion, while the current market cap stands above $15 billion, ranking 11th overall.
ETF Products Drew Over $100 Million in May
Data from SoSoValue shows three consecutive weeks of positive inflows for HYPE spot ETFs in May. Inflows started at $2.52 million in the week of May 13, surged to $72.38 million by May 22, then slowed to $25.57 million by May 28. Cumulative net inflows reached $100.48 million by month-end. Total net assets jumped from $3.17 million on May 13 to $122.20 million on May 28, with total trading volume hitting $383.77 million in May. Bitwise earlier disclosed plans to use 10% of BHYP management fees to buy and hold HYPE on its balance sheet.
Buyback Model Remains Central to the Rally
Hyperliquid channels most trading fees into buying back HYPE, linking token demand directly to platform activity. As reported by crypto.news, the protocol's annualized fee revenue was running near $1.3 billion by mid-2026. Crypto commentator That Martini Guy noted HYPE hit a record ~$70, claiming the platform generates $1 billion in annual fees with a small team. Ash Crypto said HYPE added roughly $11 billion in market cap in 2026, attributing the rally to fee buybacks, ETF inflows, and growing attention to regulated perpetual futures.
Technical Indicators Still Favor Bulls, Key Support at $62.50
HYPE recently broke out of the $40–$45 consolidation range and pushed into the $67–$70 zone. The 9-day moving average ($62.52) stays well above the 21-day MA ($53.51), signaling sustained short-term momentum. The MACD line (6.112) is above the signal line (4.890), with a positive histogram (1.222). However, after such a steep rally, a daily close below $62.50 would weaken the breakout structure, with $53.50 as the next support. On the upside, $80 remains a possible target if ETF inflows, buybacks, and trading activity continue to support the token.