Hyperliquid’s HYPE token hits $68 record as institutional ETFs drive surge

Bitwise CIO Matt Hougan highlighted that Hyperliquid’s HYPE token should be valued against the $600 trillion global asset market, not just the $3 trillion crypto space. Since its spot ETF launch on the NYSE in mid‑May, the BHYP fund has attracted close to $60 million in inflows, and Bitwise allocates 10 % of its fees to buy‑back HYPE.

The token reached a new all‑time high of $68.64 on May 30, posting roughly 50 % monthly gains and $1.4 billion in single‑day trading volume. Institutional interest has risen, with Grayscale’s seeding proposal using two million HYPE tokens and ICE CEO Jeffrey Sprecher calling Hyperliquid “bigger than Nasdaq.” The CFTC’s approval of a regulated Bitcoin perpetual futures product, combined with $136 million net inflows into two US‑listed spot HYPE ETFs (Bitwise’s BHYP and 21Shares’ THYP) in just 13 sessions, has reframed HYPE as a regulated allocation vehicle. Technical indicators (RSI above 70, bullish MACD) confirm strong upward momentum.