Hyperliquid HYPE Rises 15% After ETFs Log $25.5M Inflows

Hyperliquid’s native token HYPE jumped about 15% Wednesday after newly launched Hyperliquid ETFs logged $25.5 million in net inflows, driving the token to an intraday peak of $58.97. CoinGecko showed HYPE trading near $57.20 after the spike.

The $25.5 million in ETF buying on Wednesday exceeded the token’s estimated daily deflation from the protocol’s Assistance Fund. Dune Analytics estimates that fund burns roughly $1.4 million of HYPE per day, making Wednesday’s inflows roughly 17 times the daily burn. SoSoValue data show the single-day inflows also surpassed the combined net buying from the ETFs’ first five days, which totaled $22.35 million.

Bitwise, one of the ETF issuers, published the wallet addresses tied to its Hyperliquid ETF and said it will allocate 10% of the fund’s management fee to holding HYPE on its balance sheet. The firm described the approach as a community-first model aligned with Hyperliquid’s revenue buyback mechanism, which returns a large share of protocol revenue to token holders. In a memo, Bitwise CIO Matt Hougan wrote, “Hyperliquid is one of the most important crypto projects to emerge in years,” and argued that investors may be mispricing HYPE relative to high-growth financial infrastructure.

Jason Rindahl, CEO of Nebula DeFi, noted market attention has followed increased trading activity, fee generation and user engagement on the protocol. “The market is rewarding real trading volume, fee generation, user engagement, and the perception that Hyperliquid is becoming one of the few crypto native platforms capable of competing with centralized exchange experiences,” he said.

HYPE has gained about 101% year-to-date while Bitcoin has fallen roughly 12% over the same period. A prediction market on Myriad resolved to 100% after HYPE surpassed $52 in May; that market’s forecast rose from 14% on May 15 to 85% in the days before the token broke the mark.

Wednesday’s ETF inflows came alongside reports of higher trading volumes and increased fee generation on Hyperliquid’s decentralized exchange. Institutional backers and market participants have pointed to on-chain transparency and the protocol’s revenue-share features as reasons for interest. Bitwise also emphasized on-chain custody, posting the phrase “Everything is onchain. Don’t trust, verify.”