Hyperliquid Rises 24% in Six Days on ETF, Whale Buys

Hyperliquid’s HYPE token climbed 24% over six days to $47.60, reaching within about 19% of its all-time high. The price movement occurred in mid-May amid several institutional and on-chain developments.

Bitwise launched the BHYP exchange-traded fund on the New York Stock Exchange on May 15 and announced it will route 10% of management fees into HYPE purchases held on its balance sheet.

On May 14 the U.S. Senate Banking Committee voted to advance the Clarity Act. That same day Coinbase announced it would become the official treasury deployer of USDC on Hyperliquid, and Circle agreed to serve as a USDC technical deployer as an Aligned Quote Asset.

On-chain metrics showed social dominance for HYPE reached 1.79% on May 14. Hyperliquid reported $2.6 billion in real-world asset open interest, a figure that doubled over roughly two months. Trade.xyz launched SPCX, a synthetic SpaceX pre-IPO perpetual built on Hyperliquid, on May 18.

The protocol directs about 99% of its revenue to buy back and burn HYPE. Hyperliquid reported 24-hour revenue of $1,829,079 that was fully used to repurchase and burn HYPE. The project reported a cumulative burn of 45,429,299 HYPE, estimated at more than $2.2 billion.

On-chain trackers recorded intensified whale activity in April and May. A wallet linked to Andreessen Horowitz accumulated 372,000 HYPE and had bought roughly 2.11 million HYPE since April 14 for about $90.87 million. One address sold 1,733 XAUT, about $7.83 million, then converted $10.2 million in USDC into Hyperliquid, purchasing 103,636 HYPE and opening a 5x leveraged long. Another address deposited $4.87 million and acquired 102,055 HYPE near $47.75.

Over the same period, HYPE’s price gains exceeded those of the broader crypto market. The combination of ETF fee routing, USDC deployment arrangements, increased on-chain activity and the protocol’s buyback-and-burn mechanism coincided in mid-May and preceded the price rise.