Bitwise’s U.S. Hyperliquid ETF clients added more than $5 million in HYPE exposure last week and have not sold any tokens since July, according to on-chain data compiled by Arkham. The buying came even as HYPE fell more than 14% over the last 30 days, although the token remains up about 118% year to date.
Arkham’s data is not an official Bitwise report, but it shows on-chain transactions tied to the firm and its investors. Since the end of July, Bitwise has only purchased HYPE, with all August transactions recorded as buys. Arkham noted that although the dollar amount is small relative to the overall industry, the accumulation trend stands out.
The U.S. product is the Bitwise Hyperliquid ETF, trading under the ticker BHYP on the New York Stock Exchange. Bitwise announced the fund on May 14, 2026, and it began trading the next day. The firm said it was among the first spot Hyperliquid products available in the U.S. and the first to manage staking through its own Bitwise Onchain Solutions operation. Bitwise reported about $11 billion in assets under management as of April 1, 2026, and set the sponsor fee at 0.34%, with no fee for the first month on the first $500 million.
At launch, Bitwise Chief Investment Officer Matt Hougan said: “Hyperliquid has emerged as one of the most compelling investment opportunities in crypto today.” He linked that view to HYPE’s architecture, noting that trading on the platform directly benefits token holders.
Bitwise also launched a European version earlier in 2026. On April 9, the Bitwise Hyperliquid Staking ETP listed on Deutsche Börse Xetra under the same BHYP ticker. The European product has an annual expense ratio of 0.85% and targets a 1.00% net staking reward, with 33% of staking rewards retained by the issuer for operational expenses.
Fundamentally, the HYPE token is tied to Hyperliquid protocol activity through the Assistance Fund. Coinbase Institutional wrote in a March 5, 2026 note that Hyperliquid routes protocol fees into the fund, which converts 97% of fees into HYPE buybacks and treats repurchased tokens as removed supply. A separate SEC filing cited in the technical reporting said 99% of protocol fees are currently allocated to the Assistance Fund. As of May 19, 2026, that fund had acquired and permanently removed 44.35 million HYPE, representing about 4.4% of the token’s initial supply. Hyperliquid handled $2.9 trillion in trading volume in 2025, up more than 400% year over year, and reportedly holds roughly 60% of global on-chain derivative open interest.
From a price perspective, HYPE reached a record $76.87 on June 16, according to CoinGecko, but recently traded near $54.64, roughly 28% below that peak. Traders identified the $52–$53 area as key support, while $55 and $59 are the first important resistance levels. A sustained move above $59 could open the path toward the monthly value-area level near $67.20. On the downside, losing $51 would expose support around $46 and the low $40s.
Technical indicators remain mixed. The RSI was near 43.53, the ADX near 14.45, and the token traded below short- and medium-term moving averages clustered between roughly $55 and $59. Longer-term averages remained supportive, with the 200-period EMA near $50.77 and the 200-period SMA near $47.31. The setup suggests consolidation, with traders waiting for a confirmed move above $59 or a failure of the $52–$53 support zone.
