HYPE chases new highs as ETF inflows, institutional adoption accelerate

Hyperliquid’s native token HYPE continues to rally, possibly targeting $100 as its next all-time high, as inflows to its exchange-traded funds highlight investor demand. 

Inflows into the HYPE ETFs reached $89 million over the past nine days, which is equivalent to nearly $9.2 million in daily buying pressure. 

The combined assets under management (AUM) across Bitwise’s BHYP and 21Shares’s THYP climbed to $89 million within days of launch, giving HYPE one of the fastest ETF accumulation curves among crypto investment products.

Total spot HYPE ETF net inflows. Source: SoSoValue

Bitwise CEO Hunter Horseley said BHYP alone recorded roughly $12 million in trading volume during its first 90 minutes of trading. The fund’s assets under management reached $40 million just over a week after launch.

HYPE proponent Havoc added that the upcoming Grayscale GHYP product could contribute another $8 million to $12 million in daily inflows. At different average purchase prices, the projected yearly demand could absorb between 8% and 33% of HYPE’s circulating supply.

After assuming a 30% to 35% outflow similar to what was seen in the spot Bitcoin ETFs, Havoc estimated yearly net demand between $2.9 billion and $3.6 billion. The analyst described the figures as substantial for a crypto asset with a relatively thin floating supply. 

Onchain activity also shows growth, with Hyperliquid attracting more than $1.1 billion in net inflows over the past month.

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HYPE open interest tracks breakout

HYPE climbed to 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 a price discovery.

If HYPE continues to hold above $59.40, the next Fibonacci extension target sits near $76 at the 1.236 level. Beyond that, the 1.382 Fibonacci extension places the next upside 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 moves beyond its previous all-time high. 

Derivatives data continued rising alongside the breakout. Velo data showed aggregated open interest approaching $2 billion as traders added fresh positions during the rally. Aggregated funding rates held near 0.004%, suggesting bullish positioning. 

HYPE price, aggregated funding rate, and open interest. Source: Velo chart

Crypto analyst Byzantine General said Hyperliquid reached $8.5 billion in aggregate exchange open interest, making it the third-largest derivatives venue 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 monitoring signs of crowding after the sharp vertical move. Crypto trader GonzoXBT said a temporary pullback toward the four-hour 200-period exponential moving average (EMA) deviation area could help reset positioning. 

The daily chart also shows an unfilled fair-value gap between $48 and $54 that overlaps with the rising 50-day EMA and could serve as a key liquidity and support zone if the price pulls back. 

BTC/USD, one-day chart analysis by GONZO. Source: X

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