Hyperliquid’s native token HYPE jumped more than 20% in the last 24 hours as fresh exchange-traded products and strong on-chain activity attracted investor interest. Data show HYPE rising from about $38.41 on May 14 to as high as $46.67, before settling near $44 as markets cooled later in the session.
The upside was driven in part by the launch of a spot Hyperliquid ETF listing in the United States. Bitwise Asset Management began trading its spot Hyperliquid ETF on the New York Stock Exchange under the ticker BHYP, described by Bitwise as among the first spot Hyperliquid ETFs in the U.S. and the first to include in-house staking through Bitwise Onchain Solutions.
In a Bitwise statement, Matt Hougan said Hyperliquid has become “one of the most compelling investment opportunities in crypto today,” citing the network’s role in price discovery during February’s geopolitical tensions, when Bloomberg reported Hyperliquid’s crude oil perpetual market aided price formation while traditional markets were closed. Bitwise also highlighted Hyperliquid’s scale, noting roughly $2.9 trillion in trading volume in 2025—more than fourfold the previous year—and that the platform accounts for nearly 60% of global on-chain derivatives open interest, with the capacity to process about 200,000 orders per second.
Key takeaways
- Price move: HYPE rose about 20% in 24 hours, trading around the mid-$40s after hitting a high near $46.67.
- Catalyst: Bitwise’s BHYP ETF began trading on the NYSE; 21Shares’ Hyperliquid ETF activity surged in tandem with Coinbase’s network integration, underscoring fresh demand for related products.
- Implication: The rally signals renewed institutional interest in Hyperliquid’s ecosystem, with on-chain activity and staking features attracting demand while regulatory clarity efforts provide a supportive backdrop.
What drove the move
The launch of BHYP provided a direct avenue for U.S. investors to gain exposure to Hyperliquid, a development that typically strengthens liquidity and price discovery for the underlying token. Bitwise’s push toward in-house staking via Bitwise Onchain Solutions adds an additional yield dimension to the product, potentially widening its appeal to yield-oriented buyers.
Meanwhile, inflows into related Hyperliquid ETFs remained solid. 21Shares reported stronger trading activity around its Hyperliquid ETF, with Thursday described as its best day yet: about $8.1 million in trading volume and approximately $4.9 million in net inflows. The company attributed part of the uptick to Coinbase’s latest network integration, suggesting a broader alignment between traditional crypto exposure and on-chain infrastructure.
Coinbase announced it would become the treasury deployment partner for USDC on the Hyperliquid network under the platform’s Aligned Quote Asset framework, a move that could streamline institutional access to stablecoins within Hyperliquid’s ecosystem. SoSoValue’s data show that the combined inflows into the Bitwise and 21Shares Hyperliquid ETFs reached roughly $8.2 million since their launches, underscoring ongoing retail-and-institutional demand for the suite of products tied to Hyperliquid.
On the on-chain side, investors linked to venture-capital heavyweight Andreessen Horowitz (a16z) accelerated accumulation of HYPE ahead of the ETF launches, acquiring nearly $67.5 million of the token in the weeks preceding the product introductions. The activity is interpreted as a signal of institutional confidence in Hyperliquid’s Layer 1 infrastructure and the trading ecosystem built around its liquidity layer.
From a policy perspective, the regulatory backdrop in Washington added a bullish undertone. The US Senate Banking Committee advanced the Digital Asset Market Clarity Act, a move traders viewed as a step toward clearer rules for digital assets in the United States. The prospect of greater regulatory clarity can support broader participation in crypto markets, including product launches tied to Hyperliquid.
Market reaction
Hyperliquid’s price action occurred alongside notable technical development. The 4-hour HYPE/USDT chart shows a breakout above the token’s recent consolidation range, with prices jumping from roughly $38 to just under $47 in a single session. The move accompanied a notable expansion in trading volume, indicating accumulation behind the rally rather than a liquidity-driven squeeze.
Technical indicators paint a cautious but constructive picture. The short-term exponential moving averages (EMAs) have crossed above longer-duration ones, a commonly bullish signal for momentum. The Relative Strength Index briefly climbed above 70 before pulling back to the mid-50s, suggesting the latest leg was overheated but not yet indicative of a decisive reversal. Market participants view the current dynamics as a test of support around the $43 zone, where the 9- and 20-EMA lines converge.
Beyond the immediate level, a break above the $46.67 high could open the door to a test of the psychological $50 milestone. Conversely, a sustained break below the $43–$42 region would raise the risk of deeper retracement toward the $40 area, where prior breakout structure and EMAs may attract buyers again. A further cushion exists around $38–$39, historically a launch point for the latest rally.
Overall, the chart suggests the uptrend remains intact so long as buying interest persists near breakout zones and volumes stay elevated, though near-term volatility is likely as traders reassess the new ETF-driven demand.
Bigger picture
The rally sits at the intersection of product development, on-chain fundamentals, and policy sentiment. The Bitwise BHYP launch and the Coinbase-aligned USDC use within Hyperliquid deepen the integration of crypto exposure into mainstream markets, potentially raising liquidity for both the token and associated ETFs. The strong on-chain activity and outsized investor inflows point to a shift in appetite toward Layer 1 ecosystems that can support rapid order execution and robust derivatives activity.
Regulatory clarity remains a key uncertainty for many investors. While the Digital Asset Market Clarity Act route offers a path toward defined rules, the ultimate framework—and the pace of implementation—will influence longer-term participation from institutions that still weigh compliance risk and capital-allocation priorities.
Hyperliquid’s ongoing expansion—across lending, borrowing, spot trading, and Ethereum-compatible smart-contract infrastructure via HyperEVM—adds to the argument that the network is moving toward a broader, multi-product platform rather than a single-asset play. CoreWriter upgrades and other developer-focused improvements are intended to improve the depth of liquidity and the resilience of the ecosystem, factors investors will watch closely as ETF assets and on-chain volumes evolve.
Investors will continue to monitor ETF flows and the cadence of regulatory guidance, as well as any announcements from Bitwise, 21Shares, or Coinbase about further product enhancements or expanded integrations. The next wave of data on ETF net inflows and on-chain activity will help clarify whether the current move represents a sustained re-rating of Hyperliquid’s ecosystem or a more temporary lift tied to recent product launches.
For investors seeking a quick takeaway, the immediate focus remains on whether HYPE can defend support around the $43 level and sustain above its breakout zone. If the traction holds, a move toward the $50 mark remains a plausible near-term objective, contingent on continued ETF demand and on-chain confidence. If the broader market turns risk-off, the near-term downside could accelerate toward the $40 area or lower, where historical demand zones could re-emerge.
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