A surge of institutional money into U.S. spot Hyperliquid funds and a run of fresh analyst calls have pushed Hyperliquid (HYPE) up roughly 17% in 24 hours, lifting the token past $55.
ETF Inflows Set Record
U.S. spot HYPE exchange-traded funds pulled in $25.5 million in net inflows on Wednesday, their largest single-day haul since launch.
The figure topped Tuesday's $11 million and the $4.4 million booked on Monday.
21Shares' THYP fund led with $16.7 million in fresh inflows, up from $5.3 million a day earlier. Bitwise's BHYP product, which began trading May 15, added $8.8 million.
Cumulative net inflows across the two products have now reached about $54 million in seven trading days. HYPE itself climbed 17.3% to $55.91, according to CoinGecko, and is up more than 30% on the week.
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Bitwise CEO Backing
Hunter Horsley, chief executive of Bitwise, on Thursday described HYPE and Solana (SOL) as the early leaders of what he called crypto's emerging "revenue chains" category. He cited robust communities, working use cases, and loyal users as shared traits.
Bitwise chief investment officer Matt Hougan went further this week, calling HYPE a "Gen 2" token and the most mispriced large-cap asset in the market. The firm has pledged to use part of BHYP's fee revenue to accumulate and stake HYPE.
Tim Sun, senior researcher at HashKey Group, told reporters the steady inflows suggest decentralized exchanges are being absorbed into mainstream financial infrastructure.
Hyperliquid Momentum Builds
Hyperliquid's network captured roughly 42% of all blockchain fees so far this week, outpacing Tron, Solana, and Ethereum combined. The protocol handles around $8 billion in daily volume and over half of all decentralized perpetual futures open interest.
Earlier this month, the platform also hosted the first pre-IPO perpetual market, tied to AI chipmaker Cerebras. Its on-chain price sat near $340 an hour before Nasdaq opened the stock at $350, a deviation of about 3% that traders flagged as a serious price-discovery result.
HYPE first crossed $50 in late 2024 and traded near $22 as recently as January. The token has now recovered more than 150% from those lows, with Arthur Hayes this week reiterating a $150 long-term target.
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