HYPE Defies Bitcoin Weakness As Grayscale Preps Third Hyperliquid ETF Launch In A Month

• Hyperliquid's HYPE token outperformed Bitcoin on Tuesday morning, with retail investors looking to the launch of Grayscale's Hyperliquid Staking ETF as the next catalyst.
• Grayscale's fund is the third Hyperliquid-focused ETF to launch in the U.S. within a month, following funds from Bitwise and 21Shares.
• HYPE’s price recently reached a record high near $76 and remains within striking distance of setting another all-time high.

Hyperliquid’s native token (HYPE) outperformed Bitcoin (BTC) on Tuesday morning, with investor attention turning to the launch of a third U.S.-listed Hyperliquid ETF.

Grayscale’s Hyperliquid Staking ETF (HYPG) is the third Hyperliquid fund set to launch in the span of a month after Bitwise Hyperliquid ETF (BHYP) and 21Shares Hyperliquid ETF(THYP) in mid-May. 

THYP, which launched on May 12, has gained nearly 75% since its debut, while BHYP, which launched on May 15, has gained nearly 60%. In pre-market trade on Tuesday, BHYP’s price gained more than 6%, while THYP’s price rose 1.2%. On Stocktwits, retail sentiment around both the funds trended in ‘bullish’ territory over the past day. 

Grayscale will also enter the market with the lowest long-term fee among the competing products. The firm set a 0.29% expense ratio for HYPG, slightly below 21Shares' 0.30% fee and Bitwise's 0.34% fee after its introductory fee waiver period ends. 

HYPE Holds Near Record Levels While Bitcoin Slides

The launch of these ETFs has helped propel HYPE’s price to a new record high of nearly $76 earlier this week. At current levels, its around 3% away from making another all-time high. 

Stocktwits data showed that the number of retail traders following the token increased by over 1,600% over the past seven days. HYPE’s price traded flat in the last 24 hours, and was among the top trending tickers on the platform at the time of writing. Meanwhile, Bitcoin’s price was struggling to hold above $67,000, down nearly 3% in the last 24 hours. 

How Is Retail Feeling About The HYPE Token?

On Stocktwits, retail sentiment around the decentralized exchange’s token remained in ‘extremely bullish’ territory with chatter at ‘extremely high’ levels over the past day. Users on the platform praised the cryptocurrency’s outperformance against Bitcoin and the broader cryptocurrency market, and anticipated as much as a 5x jump in HYPE’s price moving forward.

Others were bullish on Grayscale’s launch, a sign that institutional interest in Hyperliquid continues to expand.

HYPE's token has emerged as one of the biggest winners of the current market cycle. With a market capitalization of approximately $16.1 billion, HYPE recently surpassed Dogecoin (DOGE) to enter the top 10 cryptocurrencies by market value. Hyperliquid-linked funds attracted more than $132 million in cumulative net inflows in May, while Bitcoin ETFs and Ethereum (ETH) ETFs saw record outflows.

Hyperliquid Strategies (PURR), the company that holds over 20 million HYPE tokens on its balance, also gained in pre-market trade. PURR’s stock rose over 1%, with retail sentiment trending in the ‘extremely bullish’ zone, alongside ‘extremely high’ levels of chatter over the past day. 

Read also: Bitcoin Dumps Below $65K, Spurring $1.8B Wipeout Before Recovery – Analysts Debate The Cause, While Retail Blames Saylor

For updates and corrections, email newsroom[at]stocktwits[dot]com