Institutional and whale demand for HYPE, the native token of decentralized exchange Hyperliquid, surged on June 1–2, 2026, as on-chain data revealed combined single-day accumulations of $45.7 million. Bitwise Asset Management purchased $20 million of HYPE in one day, while two newly created anonymous wallets withdrew $25.7 million from exchanges. The buying spree accompanied a new all-time high for the token, which traded at $73.52.
The Bitwise purchase came on the heels of a week in which its ETF clients bought $41.8 million in HYPE through the firm’s BHYP product, launched just two weeks ago. The firm also disclosed it had staked $55.0 million HYPE, putting part of its holdings into network operations. According to a report, early BHYP buyers outperformed the S&P 500’s two-year return over that brief period.
Meanwhile, blockchain analytics firm Lookonchain identified two wallets with no prior history. Wallet 0x6436 withdrew $19.2 million HYPE from OKX, Bybit, Kraken, and Gate; wallet 0x5EaD moved $6.5 million HYPE exclusively from Kraken. Large exchange withdrawals are often interpreted as a sign of medium- to long-term holding intent, reducing the available liquid supply on trading platforms.
Bitwise’s ETF-driven flows and staking activity, combined with the anonymous whale accumulation, underscore a climate of strong conviction around HYPE. While the moves do not guarantee future price gains, they signal elevated institutional and high-net-worth interest as the token trades at record levels.
