Hyperliquid’s native token, HYPE, rocketed to a new all-time high near $76.90 on June 16, reclaiming the $75 level as buying pressure forced a massive short squeeze. The surge marked a rapid 22% weekly gain from a June 11 low of $53, with daily volume soaring as traders chased high-beta exposure. On-chain data revealed $11.5 million in short liquidations compared to just $1 million in longs, amplifying upward momentum and pushing HYPE into price discovery mode.
Institutional demand is playing a pivotal role. ETF inflows hit $17.19 million in a single day – the strongest since late May – pushing total holdings above $209 million across three regulated products from 21Shares (THYP), Bitwise (BHYP), and Grayscale (HYPG). Combined trading volume for these ETFs has reached nearly $900 million since their launch about a month ago. Bitwise further underscored institutional appetite by purchasing 77,097 HYPE (around $5.18 million) via FalconX. With staking yields of 2.25% passed directly to ETF holders, the products offer continuous compounding rewards that attract long-term capital.
Technicals reinforce the bullish narrative. HYPE remains well above its 50-, 100-, and 200-day exponential moving averages, with RSI near 60 and MACD approaching a bullish crossover. The outlook now hinges on whether HYPE can hold above the $75.76 resistance – its previous ATH – which would open Fibonacci extension targets at $83.63 and $94.83. However, whale positioning shows an almost even split between longs and shorts (49.77% vs. 50.23%), signaling that leverage remains elevated and a potential pullback could be sharp if momentum stalls.
