Key Takeaways
- HYPE surged 21% over 24 hours to $46.64, with daily trading volume exceeding $716 million.
- 21Shares launched the THYP ETF on Nasdaq May 12 — marking the first regulated U.S. spot product for HYPE.
- Coinbase was designated official USDC treasury deployer on Hyperliquid, phasing out the native USDH stablecoin.
- Circle pledged 500,000 HYPE tokens to support validator operations under the new arrangement.
- Market analyst Crypto Patel warns of possible correction to $30–$33 unless HYPE breaks above $50.
Hyperliquid’s HYPE token exploded 21% higher during the last 24-hour period, touching $46.64 on Friday afternoon. This rally elevated the token’s market capitalization to approximately $11.14 billion, securing its position within the top 10 digital assets globally.
The cryptocurrency climbed from a session low of $38.45 to peak at $46.93 during Friday’s trading session. Daily volume skyrocketed to $716.7 million — representing more than a 100% increase from the prior day’s activity — based on CoinMarketCap figures.
Despite this impressive bounce, HYPE remains approximately 21% underneath its record high of $59.37, established in September 2025.
The explosive price action came alongside two significant announcements: the introduction of a regulated investment vehicle and a transformative stablecoin infrastructure upgrade.
Nasdaq ETF Debut Opens Door to Institutional Capital
21Shares officially launched the THYP exchange-traded fund on Nasdaq on May 12. This represents the inaugural U.S. spot ETF offering direct exposure to HYPE tokens. The product maintains actual token holdings, stakes a percentage of assets to generate yield, and applies a 0.30% management fee.
First-day trading activity recorded $1.8 million in volume, with approximately $1.2 million in net positive flows. Pending applications from Bitwise and Grayscale indicate that additional HYPE-focused investment products could arrive soon.
The ETF structure provides conventional investors streamlined access to HYPE exposure without requiring cryptocurrency wallets or blockchain interactions.
Coinbase Takes Over USDC Operations
Coinbase revealed on May 14 that it would assume responsibilities as the designated treasury deployer for USDC on Hyperliquid through the platform’s Aligned Quote Asset system. This transition positions USDC as the dominant settlement and collateral token, replacing USDH.
Circle is managing the cross-chain technical implementation. This shift aims to minimize liquidity fragmentation between the competing stablecoins.
USDC circulation on Hyperliquid currently sits near $5 billion, representing a 100% year-over-year increase. The bulk of reserve-generated yields will be channeled into Hyperliquid’s Assistance Fund, which powers automated HYPE token buyback programs.
Circle has additionally allocated 500,000 HYPE tokens to participate in network validation activities.
Technical Outlook Shows Mixed Signals
Crypto analyst Crypto Patel posted a bearish perspective on X, noting that the rejection near $46 aligns with a rising wedge breakdown formation. He identified potential support zones at $33, $30, and $27, with his primary accumulation target between $30–$31. He emphasized that a sustained daily close above $50 would be required to shift his outlook back to bullish.
Meanwhile, technical analyst Ali Charts highlighted that the TD Sequential indicator — which successfully identified the previous rally from $22 to $44 — is currently displaying a sell signal. He suggested this could catalyze profit-taking activity toward the $36 or $33 levels.
Hyperliquid presently captures approximately 60% of worldwide perpetual futures trading volume and produces over $2 million in daily protocol fees, with nearly 97% allocated toward HYPE buyback and burn mechanisms.
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