HYPE Surges 15% as Hyperliquid ETFs Pull $25.5M, YTD Gains Top 100%

Hyperliquid News

Hyperliquid's HYPE token climbed to an intraday high of $58.97 on Thursday, posting a 15.3% daily gain that outpaced rival movers like Zcash and Worldcoin. The rally coincided with a record $25.5 million in net inflows into the recently launched spot HYPE exchange-traded funds, a figure that eclipsed the combined inflows of the first five trading days and dwarfed the protocol's daily Assistance Fund burn of roughly $1.4 million by a factor of 17. On-chain metrics indicate ETF demand is now significantly outpacing the token's built-in buyback mechanism, a dynamic that could tighten circulating supply further in the weeks ahead.

While Bitcoin, Ether, XRP and Solana have each shed at least 2% over the past seven days, perpetual-derivatives tokens have decoupled sharply, with HYPE and LIT leading gains north of 40%. The catalyst for HYPE's recent leg up was Monday's listing of a Space pre-IPO perpetual contract on Trade.xyz, a trading interface built on the Hyperliquid blockchain. The contract valued the private aerospace firm at $1.78 trillion and saw trading volume top $30 million on its first day. The protocol consistently generates millions in weekly fee revenue, accounting for more than 40% of total marketwide fee generation across decentralized venues.

Trading volumes across HYPE-linked ETFs jumped 50% on Wednesday, a pattern analysts describe as exceptionally rare for newly debuted products. The two funds from Bitwise and 21Shares have together accumulated nearly $41 million in total value traded since launching earlier this month, with daily activity climbing rather than tapering after the initial debut. Most newly launched ETFs see a brief launch-day splash followed by months of dormancy, making this sustained build a notable outlier. Observers attribute the trajectory to fortuitous timing, with HYPE rallying while equities, bonds, gold and Bitcoin have all weakened in recent sessions.

Cumulative net inflows into the two U.S. spot HYPE funds reached $54 million across the first seven trading days since launch. The 21Shares Hyperliquid ETF led Wednesday's tally with $16.7 million, up from $5.3 million the prior session, while the Bitwise Hyperliquid ETF logged $8.8 million versus $5.7 million a day earlier. Research desks tracking the launches note that institutions are entering HYPE products faster than they did spot Bitcoin ETFs on a market-cap-adjusted basis. Hyperliquid's network captured roughly 42% of all blockchain fees this week, outpacing Tron at 22.6%, Solana at 10.6% and Ethereum at 8%.

HYPE notched a fifth consecutive daily advance Thursday, extending its seven-day gain to 53% as Bitcoin steadied near $77,900 and Ether changed hands around $2,130. Derivatives positioning skewed decisively bullish, with HYPE leading the top 100 coins as open interest climbed to its highest level since February 19. A positive cumulative volume delta paired with slightly positive funding rates points to aggressive market-order buyers driving the move rather than passive limit-order participants. Crypto futures volume across the broader market jumped 15% to $165.7 billion while liquidations surged 72% to $266 million, ending a two-day stretch of declining activity.

Year-to-date, HYPE has surged 101% while Bitcoin has fallen 12% over the same window, a stark decoupling that has caught Wall Street's attention. Hyperliquid pulled in $255 million in revenue this year, more than its next two competing applications combined, with 97% of that flowing back to token holders via on-chain buybacks. Bitwise has committed 10% of its ETF management fees toward accumulating HYPE on its balance sheet, framing the structure as a community-aligned model. The platform's expansion beyond perpetual futures into real-world assets, pre-IPO markets and broader financial infrastructure has prompted some observers to value it against a $600 trillion total addressable market rather than the $3 trillion crypto economy.

HYPE trades at $57.11 with a 24-hour change of 15.03%, supported by a $13.67 billion market cap and $3.08 billion in daily volume. The technical structure favors continuation, with a bullish MACD signal confirming the prevailing uptrend, though RSI at 78.23 sits firmly in overbought territory and warrants caution. Immediate resistance lies at $59.25, followed by $62.08 and $68.39 — the latter aligning with a retest of prior all-time high zones. Support clusters at $57.53, $54.78 and $51.28. A daily close below $54.78 would invalidate the near-term bull market thesis and risk unwinding leveraged longs.