Hyperliquid’s native cryptocurrency, HYPE, has experienced a significant surge in value, becoming one of the strongest performers in the crypto market in recent weeks. Today alone, the token reached a new all-time high, surpassing $73.
Factors Driving the Rally
This increase coincides with a broader trend of growing institutional interest, substantial inflows into exchange-traded funds (ETFs), and continued momentum for Hyperliquid as a leading on-chain derivatives ecosystem.
Over the past 24 hours, HYPE has extended its impressive uptrend, climbing more than 5% and exceeding $73 to establish a new all-time high. This latest surge concludes a robust five-day rally for the cryptocurrency. HYPE had already gained traction last week, with buyers consistently defending higher lows and pushing the token past several key resistance levels.
Over the past seven days, the token has increased by more than 20%, and its 30-day gains have exceeded 75%. This performance has propelled HYPE into the top 10 cryptocurrencies by market capitalization, surpassing the market cap of Dogecoin (DOGE).
ETF Inflows and Institutional Interest
Besides improved fundamentals and overall trading volume, another significant factor contributing to the rally appears to be the increasing demand for HYPE-linked exchange-traded products.
According to data from SoSoValue, US spot HYPE ETFs recorded over $9 million in one-day net inflows on May 29th, bringing total net assets above $135 million.
Grayscale has also added to the bullish sentiment. The asset manager is reportedly in discussions with Hyper Holdings Global LP for a seed investment of approximately 2 million HYPE tokens, currently valued at over $140 million, for its proposed Grayscale Hyperliquid Staking ETF. The fund is expected to trade on Nasdaq under the ticker HYPG, further fueling expectations of increased institutional access to HYPE.
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