Hyperliquid’s HYPE hits record near $77; analysts eye $300

Hyperliquid’s HYPE reached a record near $77 on June 16 after increased inflows into spot HYPE ETFs and renewed institutional demand. The token traded around $74.61 in the latest session and has gained about 67% over the past year.

Spot HYPE ETFs have attracted roughly $153 million in net inflows and nearly $900 million in trading volume since their launch. Three products hold the token directly: 21Shares’ THYP, Bitwise’s BHYP and Grayscale’s HYPG. One of the largest single-day inflows occurred on June 15, the day before the price hit its new high.

Market participants point to Hyperliquid’s revenue and token-burn mechanics as drivers of institutional interest. Efe Kelemci, known as Crypto Kid and a member of the BeInCrypto Market Intelligence Experts Council, noted that about $850 million of projected 2025 revenue is slated to be used almost entirely for buying and burning HYPE tokens, with roughly 99% directed to that purpose.

The protocol also offers perpetual futures that give traders access to equities and pre-IPO names. A high-volume contract tied to SpaceX traded on the platform before the company’s public debut, attracting significant activity.

Leverage has affected recent trading. Long liquidations spiked in early June after a pullback from local highs, while short liquidations have increased as the token moved higher, indicating squeezes on both sides. Former BitMEX co-founder Arthur Hayes sold his entire HYPE position above $72 in early June and later denied reports that he planned to repurchase the token.

Technical indicators show HYPE reclaimed the 1.272 Fibonacci extension at $70.04 and is targeting the 1.618 extension near $83.55 as a near-term level, with a further target around the 2.0 extension at $98.47. The relative strength index sits near 63, indicating rising momentum. Volume has declined while price advanced, creating a divergence that traders are monitoring. The previous high of $59.41 now acts as immediate support, with deeper support near $51.05 along an ascending trendline.

On a weekly timeframe, Kelemci’s chart places HYPE in the upper half of an ascending channel that began in late 2024 and projects toward roughly $128 if the trend continues. Kelemci added that if Hyperliquid scaled to Tier-1 exchange volumes and launched spot trading, a market capitalization similar to Robinhood’s roughly $70 billion would imply a token price above $300, aided by the burn mechanism.

As of the latest trading, HYPE’s market capitalization was near $16.57 billion, ranking it among the top ten cryptocurrencies by market value. Kelemci noted the token has risen about 164% since the start of 2025, while Bitcoin and Ethereum have fallen from their peaks over the same period. The path forward depends on whether HYPE holds the breakout level near $59.41; a sustained hold would keep the noted upside levels in play, while a loss of that support would increase downside risk.