Key Highlights
- HYPE surged to an unprecedented high exceeding $62, gaining approximately 58% over the previous seven days.
- Grayscale’s wallets acquired more than 682,000 HYPE tokens valued between $35 million and $41.6 million during the past week.
- Spot HYPE exchange-traded funds from Bitwise and 21Shares attracted $25.5 million in one trading session, reaching $54 million across their first week.
- Eric Balchunas from Bloomberg ETF analysis noted the volume expansion as “rare,” highlighting that most funds don’t gain traction during their initial week.
- Matt Hougan, Bitwise’s Chief Investment Officer, characterizes HYPE as significantly undervalued, drawing parallels to Robinhood and CME instead of typical DeFi tokens.
Hyperliquid’s proprietary token HYPE surged beyond $62 on Thursday, establishing a fresh record and outshining virtually all other leading digital currencies. The asset has appreciated nearly 58% throughout the last seven days, based on TradingView information.
The former high stood near $58.50, achieved last September. Following a decline to approximately $21 in early 2026, HYPE initiated its current upward trajectory.
Thursday saw HYPE emerge as the top performer among cryptocurrencies ranked within the top 100 by market capitalization. Additional gainers featured Mantle’s MNT (approximately 9% increase), Zcash (7% rise), and Worldcoin (8% advance). Meanwhile, Bitcoin, Ether, and XRP remained relatively unchanged, declining under 1% during the session.
Blockchain analytics service Lookonchain identified that addresses associated with Grayscale acquired approximately 115,700 HYPE tokens worth roughly $7 million within a single hour on Thursday. Throughout the previous week, these addresses amassed over 682,000 HYPE, representing a value ranging from $34.9 million to $41.6 million across different data sources.
Grayscale submitted documentation earlier this year for its own spot Hyperliquid ETF, positioning it to compete with Bitwise and 21Shares, which both introduced their products earlier this month.
Exchange-Traded Fund Demand Accelerates During Launch Period
U.S. spot HYPE exchange-traded funds captured an unprecedented $25.5 million in fresh capital on Wednesday exclusively. Throughout their initial seven trading sessions, aggregate inflows totaled approximately $54 million. The 21Shares Hyperliquid ETF (THYP) dominated the day with $16.7 million, while Bitwise’s BHYP contributed $8.8 million.
Bloomberg ETF specialist Eric Balchunas highlighted the trading volume expansion these products have experienced, describing it as a “giant step” increase from their launch figures. He noted it is “rare to build in the first week like this,” observing that most ETFs witness substantial launch activity followed by declining interest.
Peter Chung, research director at Presto Research, commented: “Institutions appear to be seizing the opportunity. Early data shows they are piling into HYPE ETFs faster than they did into BTC ETFs on a market-cap-adjusted basis.”
Bitwise has additionally pledged to purchase HYPE for its corporate holdings, allocating 10% of management fees from its BHYP product toward token acquisition.
Does HYPE Represent an Undervalued Opportunity?
Bitwise Chief Investment Officer Matt Hougan contended in a recent communication that HYPE represents one of crypto’s most incorrectly valued assets currently. He identified two fundamental market errors.
The initial mistake involves categorizing Hyperliquid merely as a cryptocurrency leverage trading venue. Hougan maintains it warrants valuation as a comprehensive global application pursuing the $600 trillion marketplace for all asset classes, beyond the $3 trillion crypto sector alone.
The secondary error involves clustering HYPE alongside tokens such as Uniswap’s UNI. Hougan asserts HYPE belongs in comparison with Robinhood or CME, emphasizing Hyperliquid’s 99% token repurchase structure as a crucial distinction.
Bitwise has pledged to maintain HYPE within its corporate treasury, dedicating 10% of BHYP management revenues toward token acquisitions. Grayscale’s ongoing accumulation coupled with its outstanding ETF application indicates institutional positioning surrounding HYPE continues expanding.
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