Hyperliquid’s native token, HYPE, is rapidly approaching a new all-time high following a strong market resurgence. In today’s update, the token has gained fresh momentum amid rising institutional interest, surging trading activity, and growing optimism around the Hyperliquid ecosystem.
Whale Accumulation Pushes HYPE to New YTD High
HYPE’s latest rally is largely driven by aggressive whale accumulation. Lookonchain reported that several large investors accumulated millions of dollars worth of HYPE over the past few days. According to the analytics firm, a wallet linked to Galaxy Digital bought 158,100 HYPE tokens worth $8.8 million.
Another newly created wallet, likely belonging to a whale, also withdrew 536,247 HYPE tokens, worth $29.87 million, from Coinbase within the past two days. In addition, Lookonchain revealed that two wallets linked to asset manager Grayscale bought 510,387 HYPE tokens worth $24.95 million and staked the holdings.
The buying pressure helped HYPE surge above $58 while pushing the token into a new year-to-date high. The rally also lifted Hyperliquid’s market capitalization above the $13 billion milestone for the first time. HYPE is now trading just a few percentage points below its Binance all-time high of roughly $62, with analysts expecting increased volatility near the resistance zone.
Spot ETF Success Strengthens Bullish Momentum
Another major catalyst driving the HYPE rally is the strong performance of recently launched spot Hyperliquid ETFs. According to SoSoValue data, the HYPE spot ETFs offered by Bitwise and 21Shares recorded combined inflows of $25.5 million on May 20, 2026, highlighting rising institutional demand for regulated HYPE investment products.
Notably, 21Shares became the first asset manager to launch Hyperliquid ETFs with the debut of THYP on May 12, 2026. THYP provides investors with direct exposure to HYPE while also offering staking rewards. TXXH, on the other hand, gives investors leveraged exposure to the token.
Crypto asset manager Bitwise also launched its BHYP ETF on May 15, 2026. The fund offers direct HYPE exposure alongside in-house staking rewards. BHYP began trading on NYSE Arca with a 0.34% sponsor fee, which was waived for the first 30 days. Meanwhile, the market is now closely watching the proposed Grayscale Hyperliquid ETF GHPY. The asset manager recently amended its S-1 registration statement originally filed with the US SEC in January 2026, fueling speculation that approval could arrive later this year.
What’s Next for HYPE?
Beyond speculation, Hyperliquid continues to post strong on-chain fundamentals. The protocol remains one of the highest revenue-generating platforms in the crypto sector, with billions of dollars in trading activity flowing through the network. Many traders are now optimistic that HYPE could break past its all-time high this week if current momentum continues.
More bullish is BitMEX founder Arthur Hayes, who speculated in an X post that a $150 price tag for HYPE is very near. Meanwhile, the prediction platform CoinCodex speculates that HYPE could end 2026 at around $47.49. If that happens, it would represent a 19.46% decline from current price levels.
Interestingly, Telegaon projects that HYPE could reach $102 later this year, implying a potential 72% gain from its current level.
According to CoinMarketCap, HYPE currently trades just above $59 and holds the 10th spot in the crypto market. Despite these bullish projections, investors should proceed with caution, as the crypto market remains highly volatile and no outcome is guaranteed.
Josiah Oluwadare
