Hyperliquid’s native token, $HYPE, has experienced a remarkable price increase of over 20% in just 24 hours, driven by several favorable developments in the market. Recent market data indicates that $HYPE surged from $38.41 on May 14 to peak at $46.67 before stabilizing around $44.
This uptick in demand coincided with the launch of new US-listed investment products tied to Hyperliquid. On Thursday, Bitwise Asset Management announced the initiation of trading for its spot Hyperliquid ETF, listed on the New York Stock Exchange under the ticker BHYP. This product is touted as one of the first spot Hyperliquid exchange-traded products in the U.S., notably featuring in-house staking opportunities through Bitwise Onchain Solutions.
In a statement from the firm, Matt Hougan emphasized that Hyperliquid has emerged as one of the most compelling investment prospects within the cryptocurrency arena. He highlighted the platform’s critical role during February’s geopolitical tensions, noting Bloomberg’s recognition of Hyperliquid’s crude oil perpetual market for price discovery while traditional markets were inactive.
Bitwise also shared significant figures about Hyperliquid’s performance, disclosing that the platform processed approximately $2.9 trillion in trading volume during 2025, reflecting a staggering 400% increase from the previous year. Furthermore, the network claims to account for nearly 60% of global on-chain derivatives open interest and has the capability to process around 200,000 orders per second.
In addition to the developments surrounding the Bitwise ETF, trading activity has surged for 21Shares’ Hyperliquid ETF, especially following Coinbase’s recent integration with the network. Michael Friedman, Director of Capital Markets at 21Shares, revealed that the ETF had its “best day yet,” amassing $8.1 million in trading volume and net inflows of approximately $4.9 million. He attributed this heightened trading activity partially to Coinbase’s announcement about becoming the treasury deployment partner for USDC on the Hyperliquid network under its Aligned Quote Asset framework.
Overall, the Bitwise and 21Shares Hyperliquid ETFs have gathered nearly $8.2 million in net inflows since their launch, underscoring significant investor interest. Furthermore, on-chain data shows that wallets linked to the venture capital firm Andreessen Horowitz (a16z) acquired nearly $67.5 million in $HYPE tokens in the weeks leading up to the ETF launches. These purchases have been interpreted by market analysts as a sign of institutional confidence in Hyperliquid’s Layer 1 infrastructure.
At the regulatory level, recent progress in Washington has also aided sentiment within the crypto sector. The US Senate Banking Committee recently advanced the Digital Asset Market Clarity Act, fostering optimism among traders anticipating clearer regulations in the coming months.
In terms of expansion, Hyperliquid continues to diversify its offerings beyond derivatives into lending, borrowing, and spot trading, along with developments in Ethereum-compatible smart contracts via HyperEVM. The ongoing CoreWriter upgrade is promoting growth, enabling developers to create decentralized applications integrated with Hyperliquid’s liquidity layer.
From a technical analysis perspective, the $HYPE token appears to have broken out of its recent consolidation band, spiking from around $38 to nearly $47 in a single trading session. The price action pushed $HYPE above both the 9-period and 20-period exponential moving averages, suggesting strengthened bullish momentum. Trading volume surged during this breakout, indicating robust buying support.
However, recent price patterns show a degree of volatility near the $46 to $47 level where selling has emerged, suggesting potential short-term challenges for traders. Momentum indicators still reflect a strong uptrend, although traders may encounter some turbulence if buying pressure diminishes. The Relative Strength Index (RSI) climbed above 70 before settling around 56, suggesting a cooling off from overheated conditions.
The $43 area has emerged as a crucial short-term support zone, with moving averages converging in this range. If $HYPE can maintain its position above this level, it may attempt to retest the recent high of $46.67. A successful breach of this resistance could pave the way toward the key psychological target of $50. Conversely, if the token fails to hold in the $43 to $42 range, it could face a deeper retracement toward the $40 zone where demand might resurge, supported by previous breakout structures and rising EMAs. A more significant liquidity pocket lies near the $38 to $39 range, marking a potential safety net following the recent rally.
Despite the recent pullback, current market indicators favor a bullish continuation as long as $HYPE sustains above its short-term moving averages and trading volume remains robust around the breakout levels.
