Hyperliquid’s HYPE token pushed to fresh highs as institutional products tied to the ecosystem gained traction. According to data cited by crypto.news on June 3, HYPE traded around $69.70, up more than 12% over the past week and nearly 70% over the past month. A day earlier, the token briefly reached a new all-time high near $75.
The latest trigger was Grayscale’s launch of a Hyperliquid Staking ETF. The report said issuers had been competing for HYPE exposure, with Grayscale reportedly undercutting rivals on fees at 0.29%. That launch came after earlier products from 21Shares and Bitwise had already entered the market.
ETF inflows and protocol buybacks tighten supply
Data from SoSo Value showed that the 21Shares Hyperliquid ETF and Bitwise Hyperliquid ETF had pulled in more than $136 million in net inflows combined. Together, those funds now account for roughly 1% of HYPE’s total market capitalization, pointing to larger institutional participation. The article also noted that recent SEC filings disclosed exposure to Hyperliquid-linked investment products at major financial firms, adding to the view that traditional capital is moving toward the asset.
Hyperliquid’s token model has amplified the effect of those inflows. The protocol directs more than 97% of platform revenue to buying back HYPE on the open market. As activity rises, so does the scale of those purchases. Trading growth across crypto, commodities, and prediction markets has increased buyback pressure while available supply has become tighter.
Platform activity expands as a major bear exits
Trading on Hyperliquid has moved beyond crypto perpetuals. The report pointed to recent growth in crude oil perpetual contracts and macro-linked prediction markets, which have drawn traders looking for round-the-clock exposure outside traditional market hours. DefiLlama data showed total value locked on the Hyperliquid network at about $5.82 billion, one of the highest readings in the protocol’s history.
Derivatives sentiment also shifted this week. A whale known as Loracle closed his entire short position at a realized loss of about $46.46 million, then soon opened a 2x leveraged long worth roughly $5.73 million. The earlier bearish position had reached about $110 million. Its closure removed one of the market’s largest public bets against HYPE.
Technical levels put $100 in focus
On the daily chart, HYPE moved into price discovery after breaking above its previous peak near $75.8. The report said the breakout pushed the token beyond the upper edge of its recent range. Momentum indicators remained positive: MACD kept a bullish crossover in place, while Aroon Up stayed above 85% and Aroon Down fell to 0.
Crypto analyst Ali Martinez said earlier sell signals had been invalidated and identified $97 and $163 as upside targets. Based on the Fibonacci extension cited in the article, measuring the move from the January low near $20.5 to the latest breakout places the 1.618 extension around $110, leaving the $100 psychological level squarely in view.
If HYPE pulls back, traders are watching the former breakout area near $75 as the first major support. Below that, the next support zones sit around $64 and $55, aligning with the 0.786 and 0.618 Fibonacci retracement levels.