Hyperliquid’s HYPE token has surged to a new all-time high near $76.70 after a combination of ETF-related buying, rising platform activity, and a wave of short liquidations pushed the asset through key resistance levels.
Summary
- HYPE hit a new all-time high of $76.70 after ETF-related buying, short liquidations, and rising demand on Hyperliquid.
- Bitwise purchased 77,100 HYPE tokens worth about $5.2 million, adding fresh spot demand as the protocol continued its buyback-and-burn program.
- SpaceX perpetual futures generated roughly $1.2 billion in weekly volume, helping Hyperliquid capture 8.3% of global perpetual futures open interest.
According to data from crypto.news, Hyperliquid (HYPE) rose nearly 10% over the past 24 hours to a new all-time high of $76.70 on June 16 before stabilizing around $75.50 at press time. The token was up roughly 46% over the past week and more than 90% over the past month as growing platform activity, ETF-related demand, and protocol buybacks continued to support the rally.
Hyperliquid price rallied as asset manager Bitwise purchased approximately 77,100 HYPE tokens worth about $5.2 million to support its newly launched Bitwise Hyperliquid ETF.
The purchase arrived as HYPE was already trading near a major breakout zone, adding fresh spot demand to a market where supply has been steadily reduced through Hyperliquid’s protocol buyback system.
For the uninitiated, Hyperliquid directs 97% of trading fees toward buying and burning HYPE, creating persistent demand for the token. As prices moved above the closely watched $70 level, traders holding leveraged bearish positions were forced to cover, triggering a rapid liquidation cascade that accelerated the rally toward a record high.
Platform activity has strengthened demand
Beyond the ETF purchase, trading activity on Hyperliquid has continued to expand at a rapid pace.
The platform’s SpaceX pre-IPO perpetual futures contract generated roughly $1.2 billion in trading volume during the past week. The contract has attracted substantial trader interest and helped boost overall activity across the exchange.
Growing volumes have translated into higher market share. According to data from CoinGlass, Hyperliquid recently captured about 8.3% of global perpetual futures open interest, with total open interest climbing above $9.6 billion. The same figures indicate annualized protocol revenue has exceeded $1 billion.
Those revenues feed directly into the buyback mechanism that continuously purchases HYPE from the market. As a result, investors have increasingly focused on platform usage metrics alongside token price action.
Recent trading activity has also helped absorb concerns surrounding a scheduled token unlock earlier this month. Roughly $700 million worth of HYPE entered circulation during the event, yet demand generated by exchange activity and protocol purchases proved sufficient to prevent prolonged selling pressure.
Technical structure points to higher resistance levels
Technical indicators have remained supportive despite the sharp advance.
On the four-hour chart, HYPE broke above the 0.618 and 0.786 Fibonacci resistance levels near $67.7 and $71.8 before reaching the 1.0 extension around $77. The next major Fibonacci target is located near $91.9, while former resistance around $71.8 and $67.7 has become an important support area.
Daily charts show HYPE testing the Murrey Math 8/8 resistance level at $75. A sustained move above that zone could expose the next resistance levels near $81.25 and $87.50, according to the indicator framework. Meanwhile, positive Chaikin Money Flow readings suggest capital continues entering the asset despite profit-taking following the breakout.
Support for the rally has also come from regulatory developments. Commodity Futures Trading Commission Chair Michael Selig recently defended the approval of perpetual futures products through regulated U.S. venues, a position that several market participants interpreted as constructive for decentralized derivatives platforms.
While Bitcoin has been trading in a relatively narrow range ahead of the Federal Reserve’s policy decision under Chair Kevin Warsh, traders have continued allocating capital toward Hyperliquid. The move has helped HYPE separate from the performance of many larger cryptocurrencies and push into the ranks of the market’s largest digital assets by valuation.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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