Key Takeaways
- BitMEX co-founder Arthur Hayes believes HYPE will surpass Solana’s market capitalization during this bull cycle, suggesting a potential price target exceeding $215
- The token reached a fresh all-time high of $70.36 before experiencing a minor retracement to the $68–$69 level
- On-chain tracking reveals a major whale purchased 45,887 HYPE tokens for $3.12 million at an average entry of $68.09, demonstrating institutional confidence
- The Hyperliquid protocol has executed buybacks totaling more than $1.16 billion in HYPE tokens from secondary markets
- Grayscale has revised its S-1 registration for a HYPE staking ETF, while Bitwise’s BHYP ETF has attracted approximately $60 million in assets since its May launch
Hyperliquid (HYPE) has established a fresh all-time high at $70.36, propelled by sustained demand, significant whale activity, and increasing recognition from prominent crypto investors.
The digital asset had been trading sideways around the $54 mark before a decisive wave of buying activity drove the price through several resistance barriers. Trading volume expanded alongside the price rally, culminating in the record-breaking peak.
Following the $70.36 high, HYPE experienced modest profit-taking that brought prices down to the $68–$69 zone. However, buyers quickly stepped in to absorb the sell-side pressure, maintaining price stability near recent highs.
Blockchain analytics reveal a whale transferred $3.12 million worth of USDC to purchase 45,887 HYPE tokens at a $68.09 average entry price. Notably, this accumulation occurred during active upward price movement rather than waiting for a pullback.
Arthur Hayes, co-founder of BitMEX, shared his perspective on X by posting a ranking of leading cryptocurrencies by market capitalization. In his commentary, Hayes stated that HYPE should “at a minimum overtake SOL before this bull run is over.”
The Mathematics Behind a Solana Flip
When Hayes published his analysis, Solana commanded a market capitalization of approximately $47.73 billion, while Hyperliquid stood at $15.04 billion. To reach parity with Solana at current token supplies, HYPE would require a 3.17x multiplication from its present valuation, translating to approximately $215 per token.
Hayes used his platform to challenge narratives suggesting the market has entered bearish territory. He referenced his personal altcoin holdings as evidence contradicting such claims, highlighting robust performance across carefully selected risk assets as proof the bull market remains intact.
Hayes maintains a position exceeding 26,000 HYPE tokens and has identified Hyperliquid as among his most confident investment theses.
Open Interest for HYPE derivatives has expanded to $3.3 billion, indicating substantial capital commitments backing the bullish case.
Protocol Buybacks and ETF Developments Drive Momentum
Hyperliquid’s native protocol has repurchased over $1.16 billion in HYPE tokens from public markets, establishing a continuous demand mechanism for the asset.
According to Hyperliquid Strategies, the protocol generated quarterly revenue approaching $152.5 million.
Grayscale has submitted an amended S-1 registration document for a proposed Hyperliquid staking exchange-traded fund. Meanwhile, Bitwise’s BHYP ETF has accumulated close to $60 million in net inflows since its mid-May debut.
Matt Hougan, Chief Investment Officer at Bitwise, characterized HYPE as a “generational asset” and encouraged investors to evaluate the opportunity within the context of the $600 trillion global financial ecosystem.
As of May 31, following Hayes’ public commentary, HYPE was trading at $68.89, representing a 2.52% gain for the session.
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