Hyperliquid hits all-time high as institutional demand accelerates

• HYPE hits an all-time high of $74.18, driven by rising institutional demand amid broader market weakness.
• Grayscale has advanced plans to launch its spot Hyperliquid ETF HYPG this week.
• Bitwise posted record inflows of $20 million into its Hyperliquid ETF, bringing AuM to over $100 million.

Hyperliquid's native token HYPE climbed to a new all-time high of $74.18 on Monday, extending its rally amid sustained demand and strong ecosystem momentum.

HYPE soars as Grayscale sets eyes on ETF launch, Bitwise locks in $100 million in AuM

The rally comes as institutional interest in HYPE continues to build. Grayscale plans to join the exchange-traded fund (ETF) race with the launch of a spot Hyperliquid ETF. 

The firm has submitted an amendment to its S-1 registration filing with the Securities and Exchange Commission (SEC). Bloomberg ETF analyst James Seyffart wrote on X that the latest amendment signals a near-term launch, with expectations that the product could go live within days. The proposed ticker, HYPG, carries a management fee of 0.29%, positioning it competitively against existing offerings.

"This slightly undercuts $BHYP and $THYP which are 0.34% and 0.30% respectively," Seyffart stated.

The ETF push reflects a broader trend of institutional capital flowing into HYPE. Bitwise Asset Management has already seen strong traction with its Hyperliquid ETF (BHYP), which recorded approximately $20 million in inflows on Friday, marking its largest single-day intake since launch.

The fund has surpassed $100 million in assets under management(AuM) after 11 days of trading, with cumulative inflows of $81.8 million. The product also reports average daily trading volumes of $35.1 million, alongside features such as full wallet transparency and in-house staking. Notably, Bitwise has committed to holding 10% of annual management fees in HYPE on its balance sheet for a minimum of 12 months. 

Onchain data from Lookonchain shows the firm has acquired an additional 336,474 HYPE tokens, valued at approximately $24.4 million, over the past 24 hours, signaling strong institutional momentum.

"$20 million volume traded already today. Investors are excited about Hyperliquid. Grateful to those choosing to invest with Bitwise," wrote Bitwise CEO Hunter Horsley in an X post.

The move comes amid the Commodity Futures Trading Commission's (CFTC) recent approval of perpetual futures trading in the United States. 

The decision is expected to enhance market legitimacy, expand domestic participation and reduce reliance on offshore venues. The approval could strengthen US competitors to Hyperliquid as regulators place focus on Coinbase and Kalshi products.

HYPE is trading at $73.1, down 0.2% over the past 24 hours at the time of writing.