Hyperliquid Price Holds Near Record High as ETF Demand and Volume Rise

Key Insights

• Hyperliquid price traded near record highs after rising from $20 earlier this year.
• Spot HYPE ETFs continued attracting inflows, with assets surpassing $136 million.
• Hyperliquid processed more perpetual futures volume than several major competitors combined.

Hyperliquid price remained near its all-time high on Monday as investors continued monitoring ETF demand, network activity, and technical developments across the ecosystem.

The token traded around $72.77 after recovering sharply from its year-to-date low. Recent gains coincided with growing institutional exposure and sustained activity on the Hyperliquid platform.

Hyperliquid Price Technical Analysis Points to More Gains

The daily chart shows that the HYPE price has been in a strong bull run in the past few months. This surge may continue in the foreseeable future, as the coin has some of the best technical indicators in the crypto industry.

The chart shows that the coin formed a cup-and-handle pattern, a common bullish continuation sign. Its upper limit was the previous all-time high of $60, while its lower limit was the year-to-date low of $20. This gives it a depth of $40. Therefore, adding this height with the cup’s upper side gives it a target price of $100.

The token has more bullish technicals. It has already jumped above the strong, pivot, reverse level of the Murrey Math Lines and is slowly nearing the ultimate resistance at $75. It also remains above all trend indicators like the moving average and the Ichimoku cloud.

Strong HYPE ETF Demand

The other key catalyst for the HYPE price is that exchange-traded funds (ETF) tracking the coin have continued firing on all cylinders. Data shows that Bitwise’s BHYP has accumulated over $67 million in assets. 21Shares’ THYP has also gained $71 million in assets, bringing the total amount to $110 million. These funds now hold $136 million in assets, equivalent to 0.50% of its market capitalization.

The demand will likely continue rising in the coming weeks as Grayscale is considering launching its HYPE ETF later this month. It is also seeking seed investments worth over $115 million.

Therefore, these inflows will likely continue doing well in the coming weeks or months, a move that will push its price higher.

In contrast, Bitcoin and Ethereum ETFs shed substantial assets last month. Bitcoin funds shed $2.4 billion, while Ethereum funds lost $540 million.

Hyperliquid Volume Continues Soaring

The other main catalyst for the HYPE token is that demand for its platform continues rising despite the ongoing crypto winter. Data shows that its perps volume jumped to $188 billion in the last 30 days.

Its volume has become much higher than that of other popular players in the crypto industry. For example, ApeX Protocol handled over $41 billion, while Aster, Grvt, and Lighter handled volume worth over $47 billion, $36 billion, and $35 billion, respectively.

Most notably, Hyperliquid’s volume has eclipsed that of traditional DEX platforms like Uniswap, PancakeSwap, and Raydium combined. Indeed, in a recent report, Grayscale predicted that Hyperliquid will be the next financial juggernaut, noting its ongoing innovation. For example, the company now allows users to trade SpaceX and OpenAI stocks even before their IPOs.

Hyperliquid is Boosting its Token Burns

Meanwhile, Hyperliquid has some of the best fundamentals in terms of its network fees. TokenTerminal data shows that the network made over $920 million in the last 365 days. In contrast, Pump.fun and PancakeSwap made $346 million and $313 million, respectively.

This fee growth is important, as Hyperliquid typically burns most of the fees it generates on its platform. These token burns help reduce the amount of tokens in circulation, which, in theory, should boost their price.

Data shows that the network’s assistance fund has burned over 44.9 million tokens, worth over $3.2 billion. The network has also continued to buy back the HYPE tokens.

On top of this, data shows that its staking inflows have continued rising, with the ratio rising to 42%. That is a sign that demand among stakers is in a strong uptrend, which may boost its price over time.

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