Hyperliquid’s native token HYPE continues to rally, perhaps targeting $100 as the next all-time high, as inflows into its exchange-traded funds highlight investor demand.
Inflows into HYPE ETFs reached $89 million over the past nine days, equating to nearly $9.2 million in daily buying pressure.
The combined assets under management (AUM) of Bitwise’s BHYP and 21Shares’ THYP soared to $89 million within days of launch, giving HYPE one of the fastest ETF accumulation curves among crypto investment products.
Total net inflows into HYPE spot ETFs. Source: SoSoValue
Hunter Horseley, CEO of Bitwise said BHYP alone saw around $12 million in trading volume in its first 90 minutes of trading. The fund’s assets under management reached $40 million just over a week after its launch.
Havoc, supporter of HYPE added that the upcoming Grayscale GHYP product could contribute an additional $8-12 million in daily inflows. At different average purchase prices, projected annual demand could absorb between 8% and 33% of HYPE’s circulating supply.
After assuming a 30-35% outflow similar to that seen in spot Bitcoin ETFs, Havoc estimated annual net demand between $2.9 billion and $3.6 billion. The analyst described the numbers as substantial for a crypto asset with a relatively low floating supply.
Onchain business also shows growth, with Hyperliquid attract more than $1.1 billion in net inflows over the past month.
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HYPE Open Interest Follows Breakout
HYPE hit a new all-time high of $64.50 on Tuesday, while Bitcoin continued to struggle below the $77,000 resistance level. The token has since consolidated above its previous breakout level near $59.40, keeping HYPE in price discovery.
If HYPE continues to hold above $59.40, the next Fibonacci extension target lies near $76 at the 1.236 level. Beyond that, the 1.382 Fibonacci extension places the next bullish level near $89.50, followed by the 1.618 extension near $101.
HYPE/USD, one-day chart. Source: Cointelegraph/TradingView
Fibonacci extensions are commonly used by traders to estimate potential resistance zones and profit-taking levels once an asset surpasses its previous all-time high.
Derivatives data continued to rise alongside the breakout. Velo data showed aggregate open interest approaching $2 billion as traders added new positions during the rally. Aggregate funding rates held close to 0.004%, suggesting bullish positioning.
HYPE price, overall funding rate and open interest. Source: Tableau Velo
Byzantine General Crypto Analyst Said Hyperliquid reached $8.5 billion in aggregate open interest on the exchange, making it the third largest derivatives platform behind Binance and Bybit. The platform’s total open interest market share climbed to 7.2%, marking a new all-time high.
Meanwhile, some traders are watching for signs of crowding after the sudden vertical movement. Crypto trader GonzoXBT said a temporary pullback towards the four-hour 200-period exponential moving average (EMA) deviation zone could help reset the positioning.
The daily chart also shows an unfilled fair value gap between $48 and $54 that straddles the rising 50-day EMA and could serve as key liquidity and support zone if the price pulls back.
BTC/USD, one-day chart analysis by GONZO. Source:
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