Key Highlights
- HYPE reached a fresh all-time high exceeding $62, surging approximately 58% over seven days.
- Grayscale has acquired more than 682,000 HYPE tokens valued between $35 million and $41.6 million in recent days.
- Spot HYPE ETFs from Bitwise and 21Shares recorded $25.5 million in daily inflows, accumulating $54 million over their first week.
- Bloomberg’s Eric Balchunas described the ETF momentum as “rare,” noting most funds experience declining volume after launch day.
- Matt Hougan, CIO at Bitwise, characterizes HYPE as significantly undervalued, comparing Hyperliquid to Robinhood and CME instead of traditional DeFi protocols.
Hyperliquid’s HYPE token surged beyond $62 on Thursday, establishing a fresh all-time high while outperforming virtually all major digital assets. Data from TradingView shows the token posting gains approaching 58% across the previous seven-day period.
The token’s prior record stood around $58.50, achieved last September. Following a decline to $21 at the beginning of 2026, HYPE has mounted an impressive recovery rally.
Thursday’s session saw HYPE emerge as the top performer among the 100 largest cryptocurrencies by market capitalization. Notable gainers elsewhere included Mantle’s MNT (approximately 9%), Zcash (7%), and Worldcoin (8%). Meanwhile, Bitcoin, Ethereum, and XRP remained essentially unchanged, each declining less than 1%.
According to blockchain analytics service Lookonchain, wallet addresses associated with Grayscale acquired approximately 115,700 HYPE tokens worth roughly $7 million within a single hour on Thursday. Throughout the week, these addresses have amassed over 682,000 HYPE, representing a value ranging from $34.9 million to $41.6 million based on various data sources.
Grayscale submitted an application earlier this year for a dedicated spot Hyperliquid ETF, positioning itself to compete with Bitwise and 21Shares, which both launched their products this month.
Institutional ETF Appetite Accelerates
U.S.-listed spot HYPE exchange-traded funds captured an impressive $25.5 million in net inflows on Wednesday. During their inaugural seven trading sessions, these funds have collectively attracted approximately $54 million. The 21Shares Hyperliquid ETF (THYP) dominated Wednesday’s activity with $16.7 million in inflows, while Bitwise’s BHYP contributed $8.8 million.
Eric Balchunas, ETF analyst at Bloomberg, highlighted the substantial volume expansion these products have demonstrated, characterizing it as a “giant step” increase from initial trading day levels. He emphasized that building momentum “in the first week like this” is uncommon, as most ETFs experience strong launches followed by rapid volume deterioration.
Peter Chung, head of research at Presto Research, noted: “Institutions appear to be seizing the opportunity. Early data shows they are piling into HYPE ETFs faster than they did into BTC ETFs on a market-cap-adjusted basis.”
Bitwise has additionally pledged to purchase HYPE for its corporate treasury, allocating 10% of management fees generated by its BHYP product toward token acquisition.
Evaluating HYPE’s True Worth
In a recent investment memo, Bitwise CIO Matt Hougan contended that HYPE represents one of crypto’s most undervalued opportunities. He identified two fundamental market misconceptions.
First, investors are mistakenly categorizing Hyperliquid solely as a cryptocurrency leverage trading venue. Hougan maintains the platform should be evaluated as a comprehensive global financial application pursuing the $600 trillion total addressable market for all asset classes, rather than merely the $3 trillion crypto sector.
Second, the market incorrectly groups HYPE alongside tokens such as Uniswap’s UNI. Hougan asserts HYPE bears closer resemblance to established financial platforms like Robinhood or CME, citing Hyperliquid’s 99% token buyback mechanism as a critical distinction.
Bitwise has pledged long-term HYPE holdings for its corporate balance sheet, directing 10% of BHYP management fees toward continuous token purchases. Grayscale’s ongoing accumulation activity and pending ETF application indicate expanding institutional interest in HYPE positioning.
