The native token HYPE of the decentralized exchange Hyperliquid has rallied to new highs amid significant investor demand for its recently launched exchange-traded funds. The Bitwise BHYP and 21Shares THYP ETFs accumulated $89 million in assets within days, creating substantial daily buying pressure. Analysts project further inflows from a Grayscale product, while on-chain data shows over $1.1 billion in net inflows to the platform in the past month.
Inflows into the HYPE ETFs reached $89 million over the past nine days, equivalent to nearly $9.2 million in daily buying pressure. The combined assets under management across Bitwise’s BHYP and 21Shares’s THYP climbed to $89 million within days of launch.
Bitwise CEO Hunter Horseley said BHYP alone recorded roughly $12 million in trading volume during its first 90 minutes. HYPE proponent Havoc added that the upcoming Grayscale GHYP product could contribute another $8 million to $12 million in daily inflows.
On-chain activity also shows growth, with Hyperliquid attracting more than $1.1 billion in net inflows over the past month. HYPE climbed to a new all-time high of $64.50 while Bitcoin struggled below a key resistance level.
Derivatives data continued rising alongside the breakout, with aggregated open interest approaching $2 billion. Crypto analyst Byzantine General said Hyperliquid reached $8.5 billion in aggregate exchange open interest, making it the third-largest derivatives venue.
Some traders are monitoring signs of crowding after the sharp vertical move. Crypto trader GonzoXBT said a temporary pullback could help reset positioning. The daily chart shows an unfilled fair-value gap between $48 and $54 that could serve as a key support zone.
