Hyperliquid Token Surges Toward All-Time High After Spot ETF Inflows Hit Record – ‘Everything Is Down Lately Except HYPE,’ Says Analyst

• Hyperliquid’s HYPE token climbed more than 18% and traded within roughly 1% of its all-time high after strong inflows into newly launched spot ETFs.
• Hyperliquid-focused ETFs from Bitwise and 21Shares attracted a record $25.5 million in inflows during the previous trading session.
• Amid the rally, Hyperliquid’s market capitalization rose to approximately $13.8 billion, putting the token just outside the top 10 cryptocurrencies globally.

Hyperliquid (HYPE) outperformed Bitcoin (BTC) in early morning trade on Thursday, barely $1 away from making a new record high, after newly launched Hyperliquid spot ETFs posted record inflows and a jump in trading activity.

HYPE’s price rose over 18% in the last 24 hours to around $58.19 – just a little over 1% away from its prior all-time high of $59.30 in September. The rally pushed Hyperliquid’s market capitalization to roughly $13.8 billion, placing it just outside the top 10 cryptocurrencies globally by market value, just $3 billion away from flipping Dogecoin (DOGE).

Retail sentiment on Stocktwits around Hyperliquid’s token moved higher within ‘extremely bullish’ territory, and chatter inched upward at ‘extremely high’ levels.

Meanwhile, Bitcoin’s price edged 0.3% lower in the last 24 hours, holding above $77,000. Retail sentiment around the apex cryptocurrency trended in ‘bearish’ territory over the past day, alongside ‘normal’ levels of chatter.

Hyperliquid ETFs Post Record Inflows

HYPE’s rally came after strong demand for the recently launched Hyperliquid spot ETFs by Bitwise (BHYP) and 21Shares (THYP), which drew a record $25.5 million in inflows during the previous trading session.

Trading volume tied to the ETFs also jumped roughly 50%, according to data shared by Bloomberg analyst Eric Balchunas. “A perfectly timed launch as EVERYTHING — stocks, bonds, gold, btc, cryptos — is down lately except the HYPE,” Balchunas wrote in a post on X.

THYP’s price moved 3.4% higher in pre-market trade, while BHYP’s price gained 5.6%. Retail sentiment around both the Hyperliquid-focused funds trended in ‘bullish’ territory, accompanied by ‘extremely high’ levels of chatter on the day.

Even Hyperliquid Strategies (PURR) saw a jump in share price in early morning trade. PURR's stock surged as much as 8.5%, with retail sentiment trending in the 'extremely bullish' territory over the past day, alongside 'extremely high' levels of chatter.

Balchunas said the early momentum behind the funds stood out from the typical launch pattern seen in most exchange-traded products.  “Giant step increases from Day One, which is very rare,” he wrote.  “Rare to build in first week like this.”

Data from Hyperliquid showed the platform has now surpassed 1.2 million users and generated approximately $4.33 trillion in cumulative trading volume. Daily total value locked also rose more than 8%, outperforming other networks including Ethereum (ETH) and Solana (SOL), as per DeFiLlama.

HYPE’s price has risen about 50% over the past week and more than doubled over the past year. 

Read also: SpaceX, Palantir, Bitcoin Are Pricing The Same War — Just From Different Sides, According To 10x Research

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