TLDR
- HYPE hit a record high of $64.48, trading above $60 on Monday
- ETFs from 21Shares, Bitwise, and now Grayscale are driving institutional inflows of $72M last week
- Hyperliquid’s buyback system returns 97–99% of trading fees to repurchase HYPE tokens
- Futures Open Interest hit a record $2.95 billion, showing strong trader positioning
- Analyst Michaël van de Poppe predicts HYPE could move above $100
Hyperliquid (HYPE) is trading at all-time highs, fueled by a combination of institutional ETF inflows, a powerful buyback mechanism, and growing platform activity. The token climbed to a record $64.48 before pulling back slightly to around $60.
The ETF race for HYPE exposure is heating up fast. Bitwise launched BHYP on NYSE Arca, and 21Shares listed THYP on Nasdaq. Together, these products pulled in $72.38 million in inflows last week alone, up from just $2.52 million the week before.
Grayscale has now joined the race. Bloomberg ETF analyst James Seyffart confirmed that Grayscale filed an amended registration for a HYPE trust under the proposed ticker GHYP. The filing names Anchorage Digital Bank as custodian and Bank of New York Mellon as administrator.
NEW: @Grayscale submits another Hyperliquid ETF filing! This one is amendment #3. Ticker will be $GHYP when it launches. Have to assume we are getting closer to a launch where we’ll have three hyperliquid:native ETFs on U.S. exchanges pic.twitter.com/lvrR3qbxM6
— James Seyffart (@JSeyff) May 22, 2026
The Grayscale filing also includes a staking angle. The trust could be renamed the Grayscale Hyperliquid Staking ETF if regulators permit it, potentially reflecting staking rewards alongside HYPE price movements.
Buybacks Create Constant Buy Pressure
Hyperliquid redirects 97% to 99% of its trading fees to buy back HYPE tokens from the open market. Around 210,000 HYPE tokens were bought back last week. The platform’s assistance fund now holds 44.52 million tokens, with a total buyback of 26.81 million HYPE to date. Over $1.16 billion worth of tokens have been repurchased in total.
Everything is down right now.
Everything except $HYPE.
HYPE just hit a new all-time high.
Two spot ETFs launched in the US.
$25 million in inflows in a single session.
The protocol buys back HYPE every day with trading fees.
Institutions buy. Protocol buys. Retail hasn’t… pic.twitter.com/6YytwXvCNk
— Kyle Chassé 🐸 (@Kylechasse) May 24, 2026
Futures Open Interest reached a record $2.95 billion on Monday, per CoinGlass. Hyperliquid holds roughly 70% of the on-chain perpetual futures market and about 7% of total perp open interest across all platforms.
Trader LSTRADER, posting on X, noted that his earlier all-time high target had already been hit. He indicated the next phase could involve riding the trend while trading pullbacks, with the next resistance zone in view.
$HYPE +%40 ATH ✅ / New Setup ?
This has been one of the pairs we’ve traded the most recently, and now we’re targeting even higher prices.
Our initial ATH expectation has been achieved successfully. From here, we’ll continue riding the trend while also taking advantage of… https://t.co/Nj2b6NQHDl pic.twitter.com/r79jntcCTt
— LSTRADER (@LSTraderCrypto) May 24, 2026
Platform Expansion Adds More Revenue
Hyperliquid’s new HIP-4 prediction market traded 6.05 million contracts on day one and matched Polymarket’s two-week Bitcoin binary volume in just 48 hours. More products mean more fees, which directly feeds the buyback engine.
On the technical side, HYPE trades well above its 50, 100, and 200-day EMAs. The RSI sits at 75, indicating overbought conditions, while MACD signals continued upside momentum. Key resistance levels sit at $70.04 and $83.51 based on Fibonacci extensions.
Analyst Michaël van de Poppe has publicly stated he expects HYPE to move above $100.
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