Hyperliquid Is 'Bigger Than Nasdaq,' Says ICE CEO — HYPE Eyes New Record High, While ETFs Top $100M

• At the Bernstein Conference, ICE CEO Jeff Sprecher said he has met with the Hyperliquid team several times and called them “very, very smart people.”
• Sprecher stated Hyperliquid’s SpaceX perpetual futures market could become bigger than the SpaceX IPO itself as we get closer to its debut on June 8.
• HYPE’s price was just 4.5% from making another all-time high on Friday, after surging to a record of over $64 last week.

Hyperliquid (HYPE) outperformed Bitcoin (BTC) and the broader cryptocurrency market on Friday morning after ICE CEO Jeff Sprecher said at the Bernstein Conference that Hyperliquid is “bigger than Nasdaq” despite having only 11 employees. 

“This Hyperliquid that we're talking – if you haven't heard about it, it's bigger than NASDAQ, okay? It's 11 people,” he stated, adding that he had met with the team multiple times and praised them as “very very smart people.”

HYPE’s price gained nearly 10% in the last 24 hours, climbing to almost $62. Retail sentiment around the decentralized exchange’s token on Stocktwits has trended in ‘extremely bullish’ territory over the past week, alongside ‘extremely high’ levels of chatter.

HYPE Price Rises On ETF Momentum

The HYPE token hit a record high of $64 last week after the launch of two new spot Hyperliquid exchange-traded funds (ETFs) by Bitwise (BHYP) and 21Shares (THYP). The altcoin has been attempting to breach that level this past week, but has been unable to climb past the resistance. It would need climb over 4.5% from current levels to make another all-time high.

Combined, the two ETFs have recorded $100 million in cumulative net inflows since their launch either in month, according data on SoSoValue. The inflows stand in sharp contrast to broader crypto ETF trends, with spot Bitcoin (BTC) ETFs extending their outflow streak to nine consecutive trading days and spot Ethereum (ETH) ETFs recording 13 straight days of redemptions.

Bitcoin’s price traded flat in the last 24 hours, struggling to keep above $73,000 amid doubts over a peace deal between the U.S. and Iran, inflation fears and continued ETF outflows. Ethereum’s price edged 0.6% higher in the last 24 hours, but remained below the key threshold of $2,000.

Hyperliquid Strategies Inc. (PURR), a digital asset treasury that holds HYPE on its balance sheet, also edged higher in pre-market trade. PURR’s stock rose as much as 1%, while retail sentiment trended in ‘bullish’ territory over the past day, accompanied by ‘high’ levels of chatter.

ICE CEO Says Hyperliquid Is Too Big to Ignore

Sprecher stated that Hyperliquid’s influence could become even more visible with the upcoming SpaceX IPO. The decentralized exchange recently launched perpetual futures tied to SpaceX’s private-market valuation, allowing traders to speculate on the company’s price before shares begin trading publicly.

According to Sprecher, the market surrounding those contracts could ultimately rival or even surpass the attention generated by the IPO itself. “Depending how big this gets, it could be bigger than the IPO,” Sprecher said. “So that's why I say I don't think you can ignore it.”

HYPE’s price has rallied by over 50% in the last month, and gained more than 80% over the past 12 months.

Read also: Stellar’s XLM Hits 4-Month High After DTCC Picks Blockchain For Tokenized Stocks, ETFs, Treasuries

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