Key Highlights
- HYPE surged past $62 to establish a fresh all-time high, climbing nearly 58% across the last seven days.
- Grayscale wallets have purchased more than 682,000 HYPE tokens valued at approximately $35–$41.6 million over the past week.
- Newly launched U.S. spot HYPE ETFs from Bitwise and 21Shares captured $25.5 million in one day, accumulating $54 million across seven trading days.
- Eric Balchunas, Bloomberg’s ETF analyst, described the volume trajectory as “rare,” noting that most funds experience declining momentum after launch day.
- Matt Hougan, Bitwise’s CIO, argues HYPE represents a severely undervalued asset, positioning Hyperliquid alongside Robinhood and CME rather than traditional DeFi protocols.
Hyperliquid’s native token HYPE pushed beyond $62 on Thursday, establishing a fresh all-time high while significantly outpacing most major digital assets. The token has surged approximately 58% throughout the last week, based on TradingView metrics.
The prior record stood at approximately $58.50, achieved in September of last year. Following a decline to $21 in early 2026, HYPE has staged a remarkable recovery.
Thursday saw HYPE leading performance among the top 100 cryptocurrencies by market capitalization. Other notable gainers included Mantle’s MNT (rising approximately 9%), Zcash (gaining 7%), and Worldcoin (climbing 8%). Meanwhile, Bitcoin, Ether, and XRP traded mostly sideways, declining less than 1% during the session.
Blockchain analytics platform Lookonchain identified wallets associated with Grayscale acquiring approximately 115,700 HYPE tokens worth roughly $7 million within a single hour on Thursday. Throughout the week, these same wallets have amassed over 682,000 HYPE, representing a value between $34.9 million and $41.6 million based on different pricing sources.
Grayscale submitted documentation earlier this year for its own spot Hyperliquid ETF, positioning itself to compete with Bitwise and 21Shares, both of which debuted their products this month.
Spot ETF Inflows Accelerate
U.S. spot HYPE ETFs captured an impressive $25.5 million in fresh capital on Wednesday alone. Throughout their initial seven trading sessions, total inflows have reached 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 from Bloomberg highlighted the unusual volume trajectory these products have demonstrated, describing it as a “giant step” beyond their debut performance. He emphasized it’s “rare to build in the first week like this,” observing that typical ETF launches experience significant first-day activity followed by declining interest.
Peter Chung, head of research at Presto Research, noted: “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 publicly pledged to acquire HYPE for its corporate treasury, allocating 10% of management fees from its BHYP fund toward ongoing token purchases.
The Case for HYPE Undervaluation
Matt Hougan, Bitwise’s Chief Investment Officer, contended in a recent publication that HYPE ranks among the most undervalued cryptocurrencies available. He identified two fundamental market misperceptions.
First, the market incorrectly categorizes Hyperliquid as merely a crypto leverage trading venue. Hougan maintains it should be evaluated as a comprehensive global platform pursuing the $600 trillion market for all asset classes, far beyond crypto’s $3 trillion footprint.
Second, analysts mistakenly compare HYPE with tokens such as Uniswap’s UNI. Hougan positions HYPE more appropriately alongside Robinhood or CME, highlighting Hyperliquid’s 99% token buyback structure as a critical distinction.
Bitwise’s commitment to maintain HYPE on its balance sheet, coupled with Grayscale’s persistent accumulation and pending ETF application, indicates expanding institutional interest around the token.
