Arkham-tracked Bitwise wallets added another 162,367 HYPE worth about $10.11 million over a two-hour window, extending the fund-linked accumulation trend behind Hyperliquid’s recent rally.
The latest move comes after Bitwise’s official holdings showed 723,361 HYPE worth about $40.37 million as of May 21, 2026. The new buy increases attention on how much spot demand is coming from investment-product structures rather than only whales, market makers or direct Hyperliquid users.
Bitwise launched the Bitwise Hyperliquid ETF under ticker BHYP, giving investors brokerage-based exposure to HYPE. The fund is structured as indirect exposure to the token, while Bitwise has also highlighted staking as part of the product’s design.
HYPE Rally Gets A Stronger Fund-Flow Angle
The new purchase adds to a broader institutional-demand story already building around Hyperliquid. Recent Bitwise and 21Shares-linked HYPE buying helped push the market narrative beyond ordinary whale accumulation, because exchange-traded products need token exposure behind investor inflows.
HYPE has already been trading near record levels, with the token’s move supported by whale buying, fund-linked demand and strong Hyperliquid activity. A recent HYPE all-time high showed how quickly traders have repriced the asset as one of the strongest large-cap names in the current market.
The flow is also happening against a deeper liquidity backdrop. USDC supply on Hyperliquid recently surpassed $4 billion, giving the network a larger dollar-collateral base for trading, market making and DeFi activity.
Hyperliquid’s Market Structure Stays In Focus
The latest Bitwise-linked buy does not guarantee further upside, but it makes the HYPE market more sensitive to product flows. When fund-linked wallets accumulate and stake tokens, immediately available float can tighten while spot demand remains active.
That creates a different setup from a normal whale trade. HYPE is now being pulled by retail momentum, large wallets, protocol activity and regulated-product demand at the same time. The next signal will be whether Bitwise-linked buying continues as BHYP trading matures, or whether the latest $10.11 million purchase marks another short burst inside a fast-moving fund-flow cycle.
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