Key Highlights
- HYPE token surged 21% over 24 hours to reach $46.64, with daily trading volume exceeding $716 million.
- 21Shares launched the THYP ETF on Nasdaq on May 12 — marking the first U.S. spot ETF to track HYPE directly.
- Coinbase announced its role as the official USDC treasury deployer on Hyperliquid, phasing out the native USDH stablecoin.
- Circle pledged 500,000 HYPE tokens to support validator operations under the new partnership.
- Technical analyst Crypto Patel warns of possible retracement to $30–$33 unless HYPE sustains a close above $50.
Hyperliquid’s HYPE token posted a remarkable 21% gain over the past day, climbing to $46.64 by Friday’s close. The rally boosted the token’s market capitalization to approximately $11.14 billion, securing its position among the top 10 cryptocurrencies globally.
The token’s price trajectory saw movement from a 24-hour low of $38.45 to an intraday peak of $46.93. Daily trading activity surged to $716.7 million — representing more than a twofold increase from the prior session — per CoinMarketCap statistics.
While impressive, the current price remains roughly 21% under HYPE’s record high of $59.37, established in September 2025.
Two significant announcements drove the upward momentum: a landmark regulated investment vehicle and a strategic stablecoin infrastructure overhaul.
First U.S. Spot ETF Debuts on Nasdaq
On May 12, 21Shares introduced the THYP ETF on the Nasdaq exchange, representing the inaugural U.S. spot exchange-traded fund offering direct HYPE exposure. The fund maintains actual token holdings, stakes a segment for yield generation, and implements a 0.30% management fee.
First-day trading generated $1.8 million in volume alongside approximately $1.2 million in net inflows. Pending applications from Bitwise and Grayscale indicate additional HYPE investment products could emerge soon.
The ETF structure enables institutional and retail investors to gain HYPE exposure through conventional brokerage accounts, eliminating the need for digital wallets or blockchain interaction.
Coinbase Assumes Treasury Responsibilities
On May 14, Coinbase revealed its designation as the official treasury deployer for USDC on the Hyperliquid network through the platform’s Aligned Quote Asset mechanism. USDC will supersede USDH as the primary settlement currency and collateral instrument.
Circle manages the cross-chain technical implementation. This transition aims to eliminate liquidity division between the two stablecoin options.
USDC circulation on Hyperliquid currently stands near $5 billion, representing 100% year-over-year growth. The bulk of reserve-generated yields will be channeled into Hyperliquid’s Assistance Fund, which executes systematic HYPE token buybacks.
Circle has also allocated 500,000 HYPE tokens to participate in network validation.
Market Analysts Weigh In
Crypto analyst Crypto Patel posted a measured assessment on X, noting that the rejection near $46 aligns with a rising wedge breakdown formation. He identified potential support zones at $33, $30, and $27, emphasizing his primary accumulation target between $30 and $31. He clarified he would only adopt a bullish stance following a confirmed daily close beyond $50.
Meanwhile, analyst Ali Charts highlighted that the TD Sequential indicator — which accurately signaled the previous recovery from $22 to $44 — is now displaying a sell signal. He suggested this could initiate profit-taking activity pushing prices toward $36 or $33.
Hyperliquid presently processes approximately 60% of worldwide perpetuals trading volume and produces over $2 million in daily protocol fees, with nearly 97% allocated toward HYPE token buybacks and burns.
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