Hyperliquid (HYPE) Surges to Record $64.48 Amid ETF Filings and Buyback Program

Key Highlights

• HYPE token reached an unprecedented peak of $64.48, maintaining levels above $60 through Monday’s trading session
• Institutional investment vehicles from 21Shares, Bitwise, and Grayscale are channeling significant capital, with $72M entering the market last week
• The platform’s innovative buyback mechanism allocates 97–99% of fee revenue toward HYPE token repurchases
• Perpetual futures Open Interest surged to an all-time high of $2.95 billion, indicating robust market participation
• Market analyst Michaël van de Poppe forecasts HYPE could surpass the $100 threshold

Hyperliquid’s native token (HYPE) continues its remarkable ascent, establishing new price records driven by a confluence of institutional adoption, strategic token economics, and expanding platform utility. The digital asset peaked at $64.48 before stabilizing near the $60 level.

The competitive landscape for HYPE-focused exchange-traded products is rapidly evolving. Bitwise introduced BHYP on the NYSE Arca exchange, while 21Shares debuted THYP on Nasdaq. These investment vehicles collectively attracted $72.38 million in fresh capital during the previous week, representing a dramatic increase from the prior week’s modest $2.52 million.

Grayscale has officially entered the competition. According to Bloomberg’s ETF specialist James Seyffart, Grayscale submitted an updated registration document for a HYPE investment trust, proposing the ticker symbol GHYP. The documentation identifies Anchorage Digital Bank as the custodial partner and Bank of New York Mellon as the administrative entity.

Grayscale’s submission incorporates a staking component. Should regulatory authorities approve, the trust may be rebranded as the Grayscale Hyperliquid Staking ETF, potentially offering investors exposure to both price appreciation and staking income.

Token Repurchase Program Generates Sustained Demand

Hyperliquid employs a distinctive economic model that channels 97% to 99% of platform trading fees toward systematic token repurchases from secondary markets. Approximately 210,000 HYPE tokens were acquired through this mechanism during the past week. The platform’s assistance fund currently maintains 44.52 million tokens, with cumulative repurchases totaling 26.81 million HYPE. The aggregate value of all buyback activity has reached $1.16 billion.

Perpetual futures Open Interest climbed to a record $2.95 billion on Monday, according to CoinGlass data. Hyperliquid commands approximately 70% of the decentralized perpetual futures market and represents roughly 7% of total perpetual contract open interest across all trading venues.

Market participant LSTRADER, sharing analysis on X, observed that previous all-time high projections have already materialized. The trader suggested the current strategy involves trend following while capitalizing on temporary retracements, with additional resistance levels now in focus.

New Platform Features Drive Revenue Growth

Hyperliquid’s recently launched HIP-4 prediction market processed 6.05 million contracts on its inaugural day and equaled Polymarket’s two-week Bitcoin binary contract volume within just 48 hours. Additional product offerings generate increased fee revenue, which directly powers the token buyback system.

From a technical analysis perspective, HYPE maintains strong positioning above its 50, 100, and 200-day exponential moving averages. The Relative Strength Index registers at 75, suggesting overbought territory, while the MACD indicator confirms ongoing bullish momentum. Fibonacci extension analysis identifies critical resistance zones at $70.04 and $83.51.

Crypto analyst Michaël van de Poppe has publicly expressed his conviction that HYPE will exceed $100 in the near term.

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