Bitwise ETF Buying Drives Hyperliquid (HYPE) to Record $89.67

Bitwise's BHYP Fuels the Record Run

Hyperliquid (HYPE), the token of the Hyperliquid protocol — the on-chain order-book exchange best known for its perpetual contract markets — pushed to an all-time high of $89.67, and the buying that carried it there was largely institutional. On-chain data from Arkham shows Bitwise's BHYP fund, the largest HYPE ETF by holdings, added about $10.5 million of the token on Friday, snapping a four-day purchase pause. It was the vehicle's biggest single-day buy since the $23.2 million it deployed on August 27, and it lifted Bitwise's cumulative HYPE purchases to roughly $166.3 million since launch — more than any other fund tracking the asset. The price action backed the flows: HYPE gained about 4.8% in 24 hours on roughly $629 million of volume and changed hands near $88.21 around 8:21 a.m. ET on September 7, per Coinbase market data. The move extended a striking run — up 7.7% on the week, 60.7% over 30 days and 175.9% across six months. Aggregate flow data shows the three US-listed Hyperliquid ETFs — 21Shares' THYP, which listed May 12; Bitwise's BHYP, May 15; and Grayscale's HYPG, June 3 — have drawn $356.58 million in cumulative net inflows, with combined net assets of $480.87 million as of September 4. Unlike ETFs built around older Layer-1 assets, these wrappers give traditional brokerages direct exposure to a token that US users still cannot trade on the venue itself — a structural bottleneck steering regulated demand into a comparatively thin float. Our practical Hyperliquid trading guide maps how that order flow reaches the book, and our standing Hyperliquid coverage tracks the adoption curve behind it.

Arkhamhttps://x.com/arkham/status/2096334034389303780?s=20

UBS, Jane Street Emerge in 13F Filings

The institutional footprint behind the rally turned concrete when the first quarterly 13F filings covering the Hyperliquid ETFs were published. Bloomberg Intelligence analyst James Seyffart, who compiled a breakdown of the known holders, counts UBS, Bank of Montreal and Jane Street among the traditional names that have built positions through the regulated wrappers. Wealth High Governance Asset Management leads with 632,614 shares of 21Shares' THYP, worth about $23.95 million as of June 30. OLP Capital Management follows at roughly $10.5 million, with UBS at $7.5 million, BMO at $6.7 million and Jane Street at $4.4 million. Discovery Capital, Brevan Howard, Balyasny and Boothbay also appear, while smaller entries include Royal Bank of Canada at about $22,000 and Tower Research Capital at roughly $1,100. The top five holders together control about $53 million — 70.8% of the $74.9 million in disclosed positions we examined in our review of the first 13F filings. The filings carry caveats: only managers above the $10 million threshold must report, bank positions can hold client money, and trading firms may run hedged books, so the disclosed picture understates true exposure. Demand is not ETF-only, either. Analyst McKenna estimates the protocol's AQAv2 mechanism could generate about $192 million a year in reserve yield on $6.21 billion of circulating USDC, with 90% routed to the assistance fund — implying roughly $527,000 of daily buyback pressure at prevailing prices. US access is widening too: Payward, Kraken's parent, is working with the CFTC through the regulated exchange Bitnomial to offer Hyperliquid-linked contract trading products stateside, an effort the Trump administration has signaled it welcomes. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

a breakdown of the known holdershttps://x.com/JSeyff/status/2095926084298498313?ref_src=twsrc%5Etfw

$85 Shelf in Focus After Pullback

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $85.27 support at 83/100, driven by the confluence of the S2 pivot, the Ichimoku Tenkan and a flipped prior resistance, with backstops at $81.98 (67/100, EMA 20 and S3) and $74.93 (70/100). Overhead, the $88.82 cluster (39/100, Keltner Upper, R1, BB Upper) is the first cap before Fibonacci resistance at $101.56 (49/100). RSI at 64.11 with a bearish MACD signal inside an uptrend, perp funding of 0.0053% on $2.36 billion of open interest and a Fear & Greed reading of 71 all point to elevated FOMO risk across the wider altcoin market: a hold above $85.27 keeps the bullish structure intact, while a daily close under $81.98 would invalidate the near-term thesis.