Hyperliquid's native token $HYPE surged against the broader market trend, breaking the $60 mark to hit a new all-time high. Bitcoin, meanwhile, remained range-bound between $77,000 and $78,000.
HYPE Hits $60 ATH
According to CoinGecko, $HYPE touched above $60 on May 22 before pulling back to $57.38. Over the past year, the token has gained more than 70%.
Spot ETF Sees $25.5M Net Inflow in a Day
The rally is largely driven by institutional demand for spot ETFs. The Block reported that the Hyperliquid spot ETF in the U.S. attracted $25.5 million in net inflows on Wednesday. SoSoValue data shows this single-day amount exceeded the total inflows of the ETF's first five trading days combined.
Beyond ETF channels, wallets linked to asset manager Grayscale have been accumulating heavily. Blockchain analytics platform Lookonchain observed that these wallets accumulated roughly $41.6 million worth of $HYPE tokens over the past week.
Bitwise to Launch HYPE ETF, Pledges 10% Fee to Buy Tokens
Bitwise also plans to launch an ETF product tied to Hyperliquid, incorporating HYPE assets into the fund. Bitwise committed to use 10% of the management fee generated by the ETF to directly purchase and hold HYPE tokens on its balance sheet.
Bitwise CIO and Arthur Hayes Bullish
Bitwise CIO Matt Hougan issued a memo arguing that most investors still underestimate Hyperliquid's potential. He noted that the market tends to view Hyperliquid merely as a crypto perpetual exchange, but it is evolving into a super app covering various asset classes.
BitMEX co-founder Arthur Hayes is also a vocal HYPE bull. In February, he placed a $100,000 bet with Multicoin Capital co-founder Kyle Samani to express confidence in Hyperliquid's prospects.