Bitcoin Reclaims $67K as SpaceX IPO Raises $75B, HYPE ETPs Near $900M

Hyperliquid News

Binance founder Changpeng Zhao called Hyperliquid’s model awesome this week, then delivered a pointed caveat that carries unusual weight given his own history. Speaking on a podcast, CZ said Binance simply cannot compete in the niche Hyperliquid occupies, noting the protocol operates without KYC identity checks and brands itself as decentralized. He added that he would never replicate the approach given his experience, and assumed the team had good lawyers. CZ pleaded guilty to anti-money-laundering violations in 2023 and served four months in a US federal prison, lending blunt authority to his warning that the venue’s compliance posture could eventually invite scrutiny.

Momentum on the derivatives side has been striking even as the broader bear market weighs on majors. Aggregate open interest on HYPE futures climbed roughly 32% in a single week to around $3 billion, a sign that institutional desks and traditional-finance players are leaning into the venue. Hyperliquid commanded about 53% of perpetual trading volume, dwarfing Binance at 14%, Bybit at 9% and Bitget at 8%. Bulls are eyeing an $80 handle, though funding rates stayed below the neutral threshold for the week, hinting that some shorts kept doubling down. The token rallied 44% over five days before easing back toward $73.

HYPE was not alone among the week’s standout altcoins, surging as much as 13% to a fresh record above $76 alongside double-digit moves in Uniswap and Worldcoin while Bitcoin and most majors drifted lower. The token is now up nearly 200% in 2026, ranking it among the best-performing large-cap crypto assets this year. Speculation also swirled around a deepening tie with Coinbase after Circle’s USDC, a dollar stablecoin akin to those issued on networks like Arc, became the primary trading pair on the platform. Part of the revenue from US Treasuries backing USDC is earmarked to buy HYPE, a structural bid traders argue could reinforce demand.

Institutional appetite is showing up in regulated wrappers too. Three spot HYPE exchange-traded funds have pulled in close to $172 million in net inflows since their May debut, with Bitwise’s product leading at roughly $107 million, followed by 21Shares near $60 million and Grayscale around $8.6 million. Cumulative volume across the trio approached $900 million. The contrast with Bitcoin funds is stark: US spot Bitcoin ETFs bled almost $5.6 billion over the same stretch, a divergence market participants tie to growing conviction in a protocol that generates measurable fees rather than relying on non-yielding, narrative-driven exposure.

The rally carried HYPE to a record near $77 on June 16, an all-time high reached as the price climbed close to 10% in a single session and ETF demand snapped back after a brief early-month outflow. With market capitalization near $16.5 billion, the token sits among the ten largest cryptocurrencies, and analyst price targets now span $83 to $98 with a longer-term $300 case gaining traction. Supporters point to the protocol’s roughly $850 million in 2025 revenue, the bulk of which funds buybacks and burns. Leverage cuts both ways, however: Arthur Hayes exited his entire position above $72 in early June before denying a reported buyback.

The immediate catalyst traces to SpaceX. With Nasdaq closed, after-hours price discovery for the year’s largest IPO ran on Hyperliquid’s 24/7 SPCX perpetual, which turned over roughly $1.1 billion in volume and climbed about 23% to near $209. That briefly made the tokenized SpaceX contract the third-largest market on the appchain, behind only Bitcoin and Ether. The flow helped push HYPE up about 12% to its overnight record. Demand was not purely on-chain either: HYPE ETFs traded around $17 million that day, their second-busiest session on record, underscoring how pre-IPO and real-world-asset markets are pulling fresh activity onto the venue.

COINOTAG’s proprietary 42-indicator composite scoring engine (as of 08:36 UTC) rates the $76.98 resistance at 79/100, the strongest overhead barrier, driven by the confluence of a Fibonacci 0.000 retracement, the prior-day high and the upper Donchian band. Immediate support sits at $71.99, scored 76/100 on a cluster of the Fibonacci 0.114 level, the S1 pivot and a bullish MACD crossover. Derivatives data shows open interest near $1.74 billion against a slightly positive 0.0022% funding rate — mild long bias rather than froth — while an RSI of 63 and bullish MACD reinforce the uptrend. A clean break above $76.98 opens the $88.81 zone; losing $71.99 would invalidate the bullish thesis. Notably, a market-wide Fear and Greed reading of 22 signals extreme fear despite HYPE’s strength.