Key Highlights
- BitMEX co-founder Arthur Hayes forecasts HYPE will surpass Solana’s market capitalization during this bull cycle, suggesting a potential price exceeding $215
- The token reached an unprecedented peak of $70.36 before retracing to the $68–$69 price zone
- Major investor acquired 45,887 HYPE tokens worth $3.12 million at an average entry of $68.09, demonstrating institutional confidence
- The Hyperliquid protocol has executed buybacks totaling over $1.16 billion in HYPE from secondary markets
- Grayscale filed an amended S-1 for a HYPE staking ETF, while Bitwise’s BHYP ETF has attracted approximately $60 million in assets since its May debut
Hyperliquid (HYPE) surged to an unprecedented all-time high of $70.36, propelled by sustained demand, significant whale activity, and increased visibility from prominent crypto figures.
The digital asset spent considerable time ranging around the $54 level before momentum traders initiated a powerful breakout through key overhead resistance zones. Trading volumes surged in tandem with the price appreciation, culminating in the historic peak.
Following the $70.36 zenith, HYPE experienced modest profit-taking that brought prices into the $68–$69 corridor. However, buy-side liquidity quickly absorbed the selling wave, maintaining prices near record territory.
Blockchain analytics revealed a major wallet funding $3.12 million in USDC to acquire 45,887 HYPE tokens at a $68.09 average cost basis. This institutional-sized buyer executed the purchase during active upward momentum rather than waiting for price weakness.
Arthur Hayes, BitMEX co-founder, shared his perspective on X platform, publishing a ranking of leading cryptocurrencies by market valuation. He stated that HYPE should “at a minimum overtake SOL before this bull run is over.”
Math Behind the Solana Flip Scenario
When Hayes published his commentary, Solana commanded approximately $47.73 billion in market capitalization versus Hyperliquid’s $15.04 billion. Achieving parity with Solana’s valuation would require HYPE to appreciate roughly 3.17 times from current levels, translating to approximately $215 per token.
Hayes leveraged the opportunity to counter narratives suggesting the market has entered bearish territory. He noted his alternative asset holdings contradicted that thesis, highlighting robust performance across selected high-risk investments as proof the bull market remains intact.
Hayes maintains exposure of more than 26,000 HYPE tokens and has reinforced his position in Hyperliquid as a top-tier conviction trade.
Open Interest for HYPE derivatives expanded to $3.3 billion, demonstrating escalating capital commitment to the asset.
Institutional Products and Protocol Buybacks Drive Momentum
Hyperliquid’s native protocol has repurchased in excess of $1.16 billion worth of HYPE tokens from circulation, establishing persistent baseline demand.
The protocol reported quarterly revenue approaching $152.5 million, according to data from Hyperliquid Strategies.
Grayscale submitted revisions to its S-1 registration for a Hyperliquid staking exchange-traded fund. Concurrently, Bitwise’s BHYP ETF has accumulated close to $60 million in managed assets since its mid-May inception.
Matt Hougan, Chief Investment Officer at Bitwise, characterized HYPE as a “generational asset” and encouraged investors to contextualize the opportunity against the backdrop of the $600 trillion worldwide financial system.
In the aftermath of Hayes’ market commentary, HYPE changed hands at $68.89, registering a 2.52% daily advance as of May 31.
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