Key Highlights
- Hyperliquid (HYPE) jumped over 21% in one week as investor interest continued to grow.
- Bitwise CIO Matt Hougan called Hyperliquid a “super app” targeting the global asset market, not just crypto.
- New Hyperliquid ETFs from Bitwise and 21Shares are bringing more institutional money and attention into the project.
Hyperliquid (HYPE), the token associated with the decentralized derivatives trading platform, is drawing strong attention after a sharp price rally and growing institutional interest.
At the time of writing, HYPE was trading around $48.68, up 7% within the last 24-hour period, adding to over 19% in the last seven days. The token’s market value has climbed to about $12 billion, showing rising demand even as trading activity dropped by around 12% to $701 million.
Bitwise CIO describes Hyperliquid as a “Super App”
The recent rally follows comments from Bitwise Chief Investment Officer Matt Hougan, who said Hyperliquid should be viewed as more than a typical crypto application.
He called it a “super app” and said it should be measured against the much bigger $600 trillion global asset market, not only the small crypto market.
“It’s not targeting the $3 trillion crypto economy. It’s targeting the $600 trillion global asset market.” Hougan wrote in a post on X. This idea made more investors look at the project in a different way.
New ETFs boost institutional interest
This comes as institutional activity around Hyperliquid has also increased through new exchange-traded funds.
Bitwise launched its first Bitwise Hyperliquid ETF (BHYP) on the New York Stock Exchange on May 15. 21Shares also launched a similar ETF on Nasdaq on May 13. These ETFs let investors get exposure to HYPE without needing to buy or store crypto directly. Instead, they can buy shares of the ETF like a normal stock.
So far, these ETF products have brought in more than $11 million in net inflows, holding over $18.59 million in total assets. In addition, it recorded more than $12 million in trading volume, according to data from SosoValue.
Bitwise plans to hold HYPE tokens
Just a day ago, Bitwise announced that it will use 10% of the management fees from its Hyperliquid ETF to buy and hold HYPE on its own balance sheet.
The firm explained that Hyperliquid’s design is different from most blockchain projects because around 99% of protocol revenue is used to buy back and burn HYPE tokens. This reduces the number of tokens in circulation over time.
In simple terms, when the platform earns money, it uses most of it to remove tokens from the market, which can support price strength if demand stays high.
Coinbase deepens ties with Hyperliquid
Coinbase has also announced that it has become the official treasury deployer of USDC as an aligned quote asset on Hyperliquid.
Separately, there were reports on Monday that regulators like the SEC may allow tokenized stocks in the future. This could benefit Hyperliquid’s HIP-3 markets, where users already trade token-based versions of stocks and other assets.
All these factors together show why Hyperliquid has been gaining attention, both from regular traders and bigger financial companies.
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