The native token of decentralized futures platform Hyperliquid, HYPE, surged over 53% this week to an all-time high near $59 after Bloomberg ETF analyst James Seyffart revealed massive accumulation by institutional players like Grayscale and a16z. The rally was fueled by strong inflows into newly launched HYPE ETFs from 21Shares and Bitwise, which in their first seven days attracted $53.5 million.
Seyffart, speaking on the Wolf Of All Streets podcast, noted that traditional finance investors have largely shunned meme-coin funds like Dogecoin, but eagerly adopted Hyperliquid because of its tangible revenue model. The platform captures 43% of all on-chain transaction fees in its sector and allows price discovery for assets such as oil or pre-IPO stocks like SpaceX even on weekends. “Many professionals are already referencing Hyperliquid’s data without realizing it’s crypto,” he added.
The bullish thesis was reinforced by blockchain trackers. Two wallets linked to Grayscale bought and staked 510,387 HYPE worth roughly $24.9 million, following the firm’s January filing for a Hyperliquid ETF. A Galaxy Digital wallet acquired 158,100 HYPE ($8.8 million) in under two hours, while an address associated with a16z accumulated 2.34 million tokens since April 14, a position now valued at $102 million. Goldman Sachs reportedly liquidated its XRP and Solana fund holdings to open HYPE exposure, underscoring institutional rotation toward the asset.
Bloomberg’s Eric Balchunas highlighted that daily trading volume for the 21Shares (THYP) and Bitwise (BHYP) ETFs spiked 50%, reaching a combined turnover near $40 million. The inflows came despite a backdrop of sideways Bitcoin price action and a “sell in May” mindset among equities investors.
Regarding the broader market, Seyffart observed that Bitcoin ETFs saw roughly $1 billion in outflows last week, leaving total net inflows flat at around $62 billion. He expects a “boring summer” for Bitcoin, describing it as an accumulation phase rather than a sign of collapse.
From a technical perspective, HYPE breached resistance at $50 and is now testing the $57–$59.30 zone. Analysts suggest a daily close above $59.30 could trigger price discovery toward $100–$150, while a rejection might send it back to supports at $50 or $45.37.
