Hyperliquid has extended its rally this week as institutional interest and platform activity have accelerated. The token reached a fresh record high before stabilizing near the $60 mark.
New exchange-traded product filings and sustained token buybacks strengthened market sentiment around the asset.
At the same time, rising perpetual futures activity reinforced Hyperliquid’s growing position in the decentralized derivatives market.
HYPE climbed to $64.48 before retreating slightly during the latest trading session. The token maintained strong momentum as several investment firms expanded their exposure to Hyperliquid-related products.
Market participants closely tracked the growing competition among issuers seeking to launch HYPE-focused exchange-traded funds.
Bitwise recently launched BHYP on the NYSE Arca exchange, while 21Shares introduced THYP on Nasdaq.
The two products attracted $72.38 million in fresh inflows during the previous week. That figure marked a sharp increase from the earlier week’s $2.52 million.
Bloomberg ETF analyst James Seyffart reported that Grayscale also entered the race with an updated registration filing.
The company proposed the ticker symbol GHYP for its planned HYPE investment trust. The filing identified Anchorage Digital as the custodial partner and Bank of New York Mellon as the administrative provider.
Grayscale Adds Staking Component to HYPE Filing
Grayscale’s updated filing included a staking feature tied to the HYPE token. The company stated that regulators could approve a rebrand to the Grayscale Hyperliquid Staking ETF.
The structure would allow investors to gain exposure to both token performance and staking rewards.
The filing arrived as institutional demand for crypto investment products continued to expand.
Analysts noted that staking-related features could attract investors searching for additional yield opportunities within regulated investment structures.
Hyperliquid Buybacks Support Market Demand
Hyperliquid continued to strengthen its token economy through an aggressive repurchase strategy.
The platform directed between 97% and 99% of trading fees toward buying HYPE tokens from secondary markets.
Around 210,000 HYPE tokens were repurchased during the past week alone.
Platform data showed that Hyperliquid’s assistance fund now holds 44.52 million HYPE tokens.
Total cumulative repurchases reached 26.81 million HYPE, while overall buyback activity climbed to $1.16 billion.
Meanwhile, perpetual futures open interest rose to a record $2.95 billion on Monday, according to CoinGlass data.
Hyperliquid controlled nearly 70% of the decentralized perpetual futures market. The platform also accounted for roughly 7% of global perpetual contract open interest across all exchanges.
Crypto trader LSTRADER stated on X that earlier all-time high targets had already materialized.
The analyst added that traders are now focused on following the broader trend while monitoring short-term pullbacks and new resistance levels.
Hyperliquid technical analysis
The 1-day Hyperliquid price chart is showing a strong bullish trend. Price continues making higher highs and higher lows. Recent candles are mostly bullish and larger in size.
This signals strong buying pressure and rising market confidence. The breakout above previous resistance levels confirms continued upward momentum.
HYPE 1-day price chart, Source: TradingView
The Relative Strength Index (RSI) currently stands near 75. This places the indicator in overbought territory.
An RSI above 70 usually reflects strong bullish momentum. However, it can also signal possible short-term consolidation or pullbacks.
The MACD indicator also confirms the bullish outlook on the chart. The MACD line remains well above the signal line, which is typically considered a strong buy signal.
In addition, the histogram bars are expanding positively, showing that bullish momentum continues to strengthen.
About The Author
