HYPE Price Holds Near Record High as ETF Demand and Network Activity Grow

Key Insights

• HYPE price remained near record highs after rallying from February lows.
• Hyperliquid ETFs accumulated more than $100 million in assets.
• Network trading volume exceeded $188 billion during the past 30 days.

HYPE traded near $62 after one of the strongest performances among major digital assets this year. The token climbed from roughly $20 in February and remained close to its all-time high despite broader market volatility.

Investors continued monitoring ETF inflows, trading activity, and technical indicators as Hyperliquid maintained its position among the largest decentralized derivatives platforms.

HYPE Price Forms Cup-and-Handle Structure

The daily chart shows the Hyperliquid token bottomed at $20 in February and then entered a slow uptrend, pushing it to its current price of $61. Hyperliquid price has formed a rounded bottom, which is a part of the cup-and-handle pattern. This pattern often leads to a strong bullish breakout.

The token is now in the handle section of this pattern. Its depth is about 66%. Extrapolating the same distance from the upper side of the cup points to more gains, potentially to $98. A move above that level will signal further gains, potentially to the psychological level at $100. With the circulating supply at 254 million tokens, the market capitalization will jump from the current $15 billion to over $25 billion.

Hyperliquid ETF Inflows Just Hit a $100 Million Milestone

The ongoing HYPE price rally is happening as demand for its ETFs remain at an elevated level. Data shows that the Bitwise and 21Shares HYPE ETFs have had inflows in all days since their launch. They have added over $25 million this week, after adding $75 million last week.

Most importantly, these inflows have now crossed the $100 million milestone, with the total assets rising to over $123 million. These numbers are being led by Bitwise’s BHYPE, which has $65 million, followed by 21Shares’ THYP.

These inflows are notable as Bitcoin and Ethereum continue losing vast sums of money. Spot Bitcoin ETFs shed over $223 million in assets on Thursday, bringing this week’s outflows to over $1.3 billion. This is notable because this week still has a day left and the markets were closed on Monday.

Total outflows this month rose to over $2.3 billion after adding $1.97 billion and $1.3 billion in the previous two months. Spot Ethereum ETFs have shed over $522 million this month.

Hyperliquid Network is Firing on All Cylinders

Hyperliquid’s network is firing on all cylinders as many platforms in the crypto industry struggle. For example, data shows that Hyperliquid’s perpetual futures market has handled transactions worth over $188 billion in the last 30 days. This is a massive number considering that its top peers like ApeX Protocol, Aster, edgeX, Lighter, and GMTrade handled fewer than these assets in the same period, combined.

As a result, this translates to real money for the network. Data compiled by TokenTerminal shows that the network made over $916 million in the last 365 days, making it one of the most profitable players in the crypto industry after Tether, Tron, and Circle.

As a result, data shows that the network has boosted its token burns since it normally incinerates most of its network fees. Hyperliquid has burned tokens worth over $2.8 billion over the years.

The network is also buying back tokens worth millions, a move that is removing them from circulation.

At the same time, other parts of Hyperliquid’s business are doing well. For example, the amount of stablecoins in the Hyperliquid layer-1 network has continued growing this year and currently stands at over $6.8 billion. This makes it one of the few layer-1 networks that are growing their stablecoin supply this year.

Therefore, in summary, Hyperliquid network has some notable catalysts, including its technicals and fundamentals. It has formed a cup-and-handle pattern, while its ecosystem has grown rapidly this year. These factors mean that its price will likely continue rising.

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