Key Takeaways
- BitMEX co-founder Arthur Hayes forecasts HYPE will surpass Solana’s market capitalization within this bull market, suggesting prices above $215
- The token reached a fresh all-time high of $70.36 before consolidating around the $68–$69 level
- Large investor acquired 45,887 HYPE tokens for $3.12 million at approximately $68.09 per token, demonstrating institutional confidence
- The Hyperliquid protocol has executed buybacks exceeding $1.16 billion in token value from secondary markets
- Institutional interest grows as Grayscale advances its HYPE staking ETF S-1 filing, while Bitwise’s BHYP ETF accumulates nearly $60 million in AUM since May launch
Hyperliquid (HYPE) established a new price record at $70.36, propelled by sustained purchasing momentum, institutional accumulation, and increased endorsements from prominent cryptocurrency investors.
The digital asset had been range-bound around the $54 mark before bullish momentum intensified, enabling the token to break through critical resistance zones. Trading activity surged alongside the upward price movement, culminating in the record-setting level.
Following the $70.36 peak, HYPE experienced modest retracement to the $68–$69 territory as early position holders secured gains. Market participants quickly absorbed this selling activity, maintaining price stability close to all-time highs.
Blockchain transaction records reveal a large-scale investor transferred $3.12 million in USDC stablecoin and immediately converted the capital into 45,887 HYPE tokens at a mean entry price of $68.09. This accumulation occurred during active upward price discovery rather than waiting for pullbacks.
Arthur Hayes, the former CEO of BitMEX, shared his perspective on X, publishing a compilation of leading cryptocurrency assets ranked by total market capitalization. His commentary stated that HYPE should “at a minimum overtake SOL before this bull run is over.”
Target Price Exceeds $150 Threshold
When Hayes published his analysis, Solana commanded approximately $47.73 billion in market capitalization versus Hyperliquid’s $15.04 billion valuation. Achieving parity with Solana at existing circulating supply would require HYPE to appreciate roughly 3.17 times, translating to approximately $215 per token.
Hayes simultaneously challenged market participants describing current conditions as bearish. He referenced his personal altcoin holdings as counter-evidence, highlighting robust performance across carefully selected risk assets to support his thesis that the bull market remains intact.
Public wallet data shows Hayes maintains exposure exceeding 26,000 HYPE tokens, establishing Hyperliquid as a core conviction holding within his cryptocurrency allocation strategy.
Derivatives activity demonstrates expanding participation, with Open Interest in HYPE futures and perpetual contracts reaching $3.3 billion.
Institutional Products and Protocol Economics Strengthen Fundamentals
Hyperliquid’s native protocol has executed systematic buyback programs totaling more than $1.16 billion in token value from open markets, establishing persistent demand-side pressure.
Quarterly financial disclosures indicate the protocol generated approximately $152.5 million in earnings, according to data published by Hyperliquid Strategies.
Grayscale Investments filed an updated S-1 registration statement with securities regulators for its proposed Hyperliquid staking exchange-traded fund. Concurrently, the Bitwise BHYP ETF has accumulated approximately $60 million in net assets since its mid-May debut.
Matt Hougan, Chief Investment Officer at Bitwise, characterized HYPE as a “generational asset” and encouraged investors to evaluate the opportunity against the backdrop of the $600 trillion global financial services industry.
Following Hayes’ market commentary, HYPE traded at $68.89, representing a 2.52% intraday gain as of May 31.
