HYPE breaks to a new record above $60 as Grayscale, Bitwise accelerate buying

HYPE, the native token of Hyperliquid, climbed to a new range of price discovery above $59. The token rallied during US trading hours, repeating a pattern from the past week. HYPE went vertical, trading at a new all-time peak of $61.68, as trading volumes reached a three-month high.

The recent rally of HYPE goes against the general weakening of the crypto market, especially of ETH. Hyperliquid has become more influential for DeFi activity and trading, leading to an expectation the platform may become key to the next crypto bull cycle. 

The token is already up by 104% in the past 90 days, and is almost among the top 10 of the fastest-appreciating coins and tokens.

Why is HYPE in the spotlight? 

HYPE is reviving several narratives, becoming a promising token in an otherwise cautious crypto market. Hyperliquid is one of the main contenders for becoming a crypto hub for asset tokenization and real-world trading pairs. 

The recent HYPE rally, starting out from $45, also led to increased derivative trading. HYPE open interest rose to an all-time high, rising above $2.1B. In a single day, HYPE open interest on Hyperliquid rose from $1.2B to $1.4B, based on Coinalyze data. 

HYPE ETF also marked record inflows in May, as traders bought over 580K tokens. Inflows into HYPE jumped to a new peak, while other ETFs fell under selling pressure.

As Cryptopolitan reported, HYPE broke above the $50 milestone for the first time since October 2025. In the past day, mindshare on social media also picked up, further accelerating demand for HYPE. Based on Messari data, HYPE mindshare rose from 0.8 to 0.9 points in the past day. 

The token is not explicitly promoted by influencers, but has turned into one of the sources of growth in the crypto space, inviting both strategic whales and speculative traders. 

HYPE revives ETF, treasury model

The strong appreciation of HYPE and its positive outlook turned the token into an attractive target for institutional buyers.

The rise of HYPE reflected on the market price of Hyperliquid Strategies, Inc. (Nasdaq:PURR). The asset rose to an all-time high of $8.28, becoming an outlier among treasury company stocks.

Recently, Bitwise also published its HYPE address for the Bitwise Hyperliquid ETF. Acquisition data may boost demand for HYPE as a way of copying the strategy of large-scale investors.

Hunter Horsley, CEO of Bitwise, commented that Hyperliquid and Solana will expand as new types of platforms, driven by real adoption and use cases. 

Additional demand is coming from Grayscale, which has prepared for an eventual HYPE ETF. The fund built up one HYPE address valued at over $13M, and another valued at $6.7M. Grayscale started actively buying HYPE in the past week to achieve rapid accumulation. 

Hyperliquid has become a one-stop hub for the latest trend in crypto, with the most active pairs for trading stocks, commodities, and metals. Recently, the platform added prediction markets, leveraging its community as a source of liquidity.