HYPE rallies as ETFs add $89M, token eyes $100
HYPE rallied after spot ETFs accumulated $89 million in nine days, lifting combined AUM of Bitwise’s BHYP and 21Shares’ THYP to $89M and boosting trading and derivatives activity.
Spot HYPE ETFs pulled in $89 million over nine days, lifting combined assets under management for Bitwise’s BHYP and 21Shares’ THYP to $89 million and coinciding with heavier trading and derivatives activity.
The inflows averaged about $9.2 million per day, based on tracking data. Bitwise’s BHYP recorded roughly $12 million in trading volume during its first 90 minutes, and the fund reached about $40 million in assets a little over a week after launch, according to Bitwise CEO Hunter Horseley.
Onchain figures show Hyperliquid attracted more than $1.1 billion in net inflows over the past month. Derivatives metrics rose alongside the rally: aggregated open interest approached $2 billion on Velo data while funding rates held near 0.004%, indicating net long positioning among derivatives traders.
A derivatives analyst using the name Byzantine General reported that Hyperliquid reached about $8.5 billion in aggregate exchange open interest, placing the venue third by open interest behind Binance and Bybit and increasing its market share to roughly 7.2%.
Price action reflected the flows. HYPE climbed to a record $64.50 before consolidating above the prior breakout near $59.40. Technical analysts identified Fibonacci extension levels as potential upside references: the 1.236 near $76, the 1.382 near $89.50 and the 1.618 near $101.
Analysts also modeled how ETF demand could affect circulating supply. Depending on average purchase prices, yearly ETF demand could absorb between 8% and 33% of HYPE’s circulating supply. Analyst Havoc projected that, after assuming a 30% to 35% outflow rate similar to spot Bitcoin ETFs, annual net demand might range from $2.9 billion to $3.6 billion.
Some traders flagged positioning risks after the rapid rise. Trader GonzoXBT warned that a temporary pullback toward the four-hour 200-period exponential moving average deviation area could help reset positions. Chart analysis shows an unfilled fair-value gap between $48 and $54 that overlaps the rising 50-day EMA and could act as a support and liquidity zone if prices fall.
Investors and analysts are monitoring ETF flows, onchain transfers and derivatives metrics for signs of continued demand or reduced inflows.
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