Hyperliquid’s native token HYPE has extended its rally, rising more than 20% in the past 24 hours to $58.64, and over 55% since May 14 when it traded near $38.1.
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The move comes amid growing Hyperliquid ETF-related flows, rising on-chain accumulation signals, and heightened derivatives activity across the Hyperliquid ecosystem..
Grayscale Quietly Stacks HYPE
On-chain analytics firm Lookonchain reported today that two wallets linked to Grayscale purchased 510,387 HYPE tokens, worth approximately $24.95 million, over the past week, staking them shortly after acquisition.
The move follows Grayscale’s S-1 registration filing for a spot HYPE ETF submitted in January, intensifying speculation that the firm is actively building a token reserve ahead of a potential fund launch.
SoSoValue data shows US spot HYPE ETFs recorded $25.46 million in net inflows on May 20 alone, with cumulative inflows now reaching $47.8 million, a sign that institutional appetite is accelerating alongside on-chain positioning.
Hyperliquid ETF Launches and New Products Fuel the Move
The rally gained additional momentum following the launches of Bitwise’s Hyperliquid ETF (BHYP) and 21Shares’ Hyperliquid fund (THYP).
Bitwise has publicly described HYPE as one of crypto’s most undervalued assets, framing Hyperliquid not just as a perpetuals platform but as a broader financial super-app with growing exposure to real-world assets (RWAs) and equities.
The firm also plans to use ETF management fees to buy and hold HYPE directly.
Further expanding Hyperliquid’s product surface, Trade.xyz, built on the platform’s HIP-3 framework, launched a synthetic pre-IPO perpetual contract tracking SpaceX’s implied private valuation (SPCX-USDC).
The product drew immediate attention and contributed to record on-chain perps volume and elevated open interest across RWA products.
Why This Matters
Grayscale’s accumulation and the simultaneous launch of multiple Hyperliquid ETF products represent a notable shift in who is buying HYPE, potentially channeling broader institutional capital into Hyperliquid and raising its profile beyond on-chain trading circles.
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People Also Ask:
Hyperliquid is a high-performance on-chain derivatives exchange and Layer 1 blockchain; HYPE is its native token used for staking, governance, and fee settlement.
A spot HYPE ETF holds actual HYPE tokens, giving investors regulated market exposure to the asset without needing a crypto wallet or exchange account.
Grayscale filed an S-1 registration for a spot HYPE ETF in January 2026 and is likely building a token reserve to back the fund, though no official confirmation has been issued.
