TLDR
- Hyperliquid’s HYPE token hit an all-time high of $74.67, overtaking Solana’s SOL in price for the first time.
- Three U.S.-listed ETFs now track HYPE, with Grayscale’s HYPG being the latest, bringing total net inflows to over $136 million in just three weeks.
- Bitcoin ETFs saw $396 million in outflows on Wednesday, suggesting some capital is rotating into HYPE and similar assets.
- Hyperliquid’s platform processed over $62 billion in trading volume in May, hitting a record 6.63% share of global perpetual futures markets.
- CoinShares published a valuation framework estimating HYPE could reach $147 per token by 2031, based on its buyback mechanism and market share growth.
Hyperliquid’s HYPE token has climbed to new all-time highs this week, driven by a wave of institutional interest, new ETF products, and growing platform usage. The token hit $74.67 on Tuesday before trading around $73–$74 on Thursday.
Three exchange-traded products now offer exposure to HYPE in the United States. Grayscale launched its HYPG Hyperliquid Staking ETF on Wednesday, joining 21Shares’ THYP and Bitwise’s BHYP. Together, those three products have logged nearly $600 million in volume and over $136 million in net inflows in just three weeks. Grayscale says HYPG carries the lowest management fee among U.S.-listed HYPE products and offers staking rewards alongside standard price exposure.
Grayscale Hyperliquid Staking ETF (Ticker: $HYPG) is now trading. The $HYPE ETP with the lowest gross management fee in the U.S.¹ and staking, in your brokerage account today.
Why $HYPE?
→ $HYPE is the crypto asset powering 24/7 markets
→ $HYPE captures value from… pic.twitter.com/8oryPKDfbg— Grayscale (@Grayscale) June 3, 2026
The ETF launches make HYPE accessible through regular brokerage accounts, allowing investors to gain exposure without using crypto wallets or blockchain platforms directly.
Capital Flowing Away From Bitcoin
Bitcoin ETFs saw $396.6 million in outflows on Wednesday alone, bringing the total to $4.37 billion in outflows over the past 13 days. At the same time, HYPE ETFs recorded $2.99 million in inflows on Wednesday, extending a 15-day streak of positive flows.
Bitwise CIO Matt Hougan noted in a Tuesday statement: “Investors still believe in crypto, but now that it’s a contrarian bet, they favor fundamentals over vibes.” Hougan manages the largest HYPE ETP at $107 million in assets under management.
Platform Growth Fueling Demand
Hyperliquid’s trading infrastructure is expanding fast. In May, the platform’s share of global perpetual futures volume hit a record 6.63%. Its HIP-3 protocol, which enables trading of tokenized real-world assets like stocks and commodities, processed over $62 billion in volume for the third consecutive month above that level.
Crypto investor Justin Wu posted on X this week, noting that concerns about HYPE being “too high” have appeared at every price level during its run-up. He pointed to trading fees, staking growth, and sustained demand as the factors keeping investors positive on the token.
Institutional Recognition and Price Targets
Research firm CoinShares published a 30-page valuation report on Tuesday, describing HYPE as one of the few crypto assets where “protocol activity translates almost directly into token demand” through its buyback mechanism. The report set a base-case valuation of $147 per token by 2031.
Grayscale Head of Research Zach Pandl called Hyperliquid the “breakout success story of this cycle in crypto” at the HYPG launch. Peter Pan, a research partner at venture firm 1kx, compared the current conviction around HYPE to ETH in 2017, BNB in 2021, and SOL in 2023.
Wall Street traders are also reportedly using Hyperliquid during weekends and after market hours to trade perpetual futures tied to Bitcoin, the S&P 500, crude oil, and pre-IPO companies. The platform runs around the clock, unlike traditional markets.
HYPE’s market cap has reached over $16 billion, while Solana’s stands at around $42 billion.
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