HYPE Jumps Double Digits as Hyperliquid ETFs Add $25.5M

In brief

• Inflows to Hyperliquid ETFs hit $25.5M Wednesday, higher than the first five days of inflows combined.
• ETF demand follows HYPE’s stellar performance, which has led to more than a 100% rally this year.
• Bitwise shows strong support for Hyperliquid, committing 10% of ETF fees into the HYPE balance sheet.

Hyperliquid's sustained uptrend continued into Thursday, as the decentralized exchange's token surged to an intraday high of $58.97.

HYPE is currently trading at $57.20, up 15.3% on the day according to CoinGecko data. Its explosive gains outpaced those of Zcash (12%) and Worldcoin (7%), and comes amid renewed institutional interest.

The newly launched Hyperliquid ETFs logged $25.5 million in net buying on Wednesday. That figure is 17 times higher than the token's daily Assistance Fund burn of roughly $1.4 million, per Dune Analytics. It also exceeds the combined net buying of the first five days, which amounts to $22.35 million, according to SoSoValue data.

ETF demand for HYPE is now dramatically outpacing the token's built-in supply reduction mechanism, a dynamic that could tighten available supply further.

“The market is rewarding real trading volume, fee generation, user engagement, and the perception that Hyperliquid is becoming one of the few crypto native platforms capable of competing with centralized exchange experiences,” Jason Rindahl, CEO of Nebula DeFi, told Decrypt.

On prediction market Myriad, owned by Decrypt's parent company Dastan, user confidence has been fully validated: the contract on whether HYPE would hit $52 in May resolved to 100% as the token blew past the threshold Wednesday.

Bitwise doubles down on Hyperliquid

Bitwise, one of the two issuers to file HYPE ETFs last week, published the wallet addresses for its Bitwise Hyperliquid ETF on Wednesday. “Hyperliquid's DNA is all about transparency. Everything is onchain. Don't trust, verify," the firm tweeted.