Key Takeaways
- Hyperliquid’s HYPE token surged to an all-time high exceeding $62, marking a nearly 58% gain over seven days.
- Investment firm Grayscale has acquired more than 682,000 HYPE tokens valued between $35 million and $41.6 million within the past week.
- Newly launched U.S. spot HYPE ETFs from Bitwise and 21Shares recorded $25.5 million in single-day inflows, reaching $54 million total across seven trading days.
- Eric Balchunas, Bloomberg’s ETF analyst, described the volume trajectory as “rare,” noting that most funds don’t sustain momentum during their initial week.
- According to Bitwise CIO Matt Hougan, HYPE ranks among crypto’s most undervalued assets, positioning Hyperliquid closer to Robinhood and CME than typical DeFi protocols.
Hyperliquid’s HYPE token broke through the $62 barrier on Thursday, establishing a fresh all-time high while outpacing virtually all major cryptocurrencies. The digital asset has surged approximately 58% during the past week, based on TradingView statistics.
The token’s earlier record stood near $58.50, achieved last September. HYPE had plummeted to approximately $21 at the beginning of 2026 before initiating its current upward trajectory.
Thursday saw HYPE emerge as the top performer among the 100 largest cryptocurrencies by market capitalization. Additional gainers featured Mantle’s MNT (climbing roughly 9%), Zcash (rising 7%), and Worldcoin (advancing 8%). Meanwhile, Bitcoin, Ether, and XRP remained essentially unchanged, declining less than 1% during the trading session.
Lookonchain, an on-chain analytics service, disclosed that cryptocurrency wallets associated with Grayscale acquired approximately 115,700 HYPE tokens worth around $7 million within a single hour on Thursday. Throughout the previous week, these wallets have amassed over 682,000 HYPE tokens, with valuations ranging from $34.9 million to $41.6 million based on different data sources.
Grayscale submitted an application earlier this year for its own spot Hyperliquid ETF, which would position it alongside Bitwise and 21Shares, both firms having launched their products earlier this month.
First-Week ETF Performance Shows Strong Momentum
U.S.-based spot HYPE exchange-traded funds captured a record $25.5 million in net inflows on Wednesday exclusively. During their initial seven trading sessions, aggregate inflows totaled approximately $54 million. The 21Shares Hyperliquid ETF (THYP) dominated Wednesday’s activity with $16.7 million, while Bitwise’s BHYP contributed $8.8 million.
Eric Balchunas, Bloomberg’s ETF specialist, highlighted the volume expansion these products have experienced, characterizing it as a “giant step” improvement from their debut-day numbers. He emphasized that it’s “rare to build in the first week like this,” observing that most ETFs witness substantial launch-day activity followed by declining interest.
Peter Chung, head of research at Presto Research, said: “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 acquire HYPE for its corporate treasury, allocating 10% of management fees generated from its BHYP fund toward token accumulation.
Valuation Debate Intensifies
In a recent communication, Bitwise CIO Matt Hougan contended that HYPE represents one of crypto’s most mispriced opportunities currently. He identified two fundamental market miscalculations.
The initial error involves categorizing Hyperliquid merely as a cryptocurrency leverage trading venue. Hougan maintains it deserves valuation as a comprehensive global super app pursuing the $600 trillion market encompassing all asset classes, rather than limiting its scope to the $3 trillion cryptocurrency sector.
The secondary mistake centers on classifying HYPE alongside tokens such as Uniswap’s UNI. Hougan argues HYPE shares more characteristics with Robinhood or CME, emphasizing Hyperliquid’s 99% token buyback structure as a critical distinction.
Bitwise has pledged to maintain HYPE holdings in its corporate treasury, dedicating 10% of BHYP management fees toward token acquisitions. Grayscale’s ongoing accumulation strategy and its pending ETF application indicate that institutional exposure to HYPE continues expanding.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
