HYPE Surges 101% This Year While Bitcoin Falls 12%, Driving ETF Filings

According to Decrypt reporting, Hyperliquid's native token HYPE surged 101% year-to-date while Bitcoin fell 12% over the same period, highlighting a divergence tied to the platform's expansion beyond crypto perpetuals into real-world assets and pre-IPO markets.

Hyperliquid generated $255 million in revenue year-to-date, more than the next two protocols combined, with 97% of revenue accruing to HYPE holders through automated buybacks. Bitwise and 21Shares have filed for HYPE ETFs, with Bitwise committing to hold 10% of its fund's management fees in HYPE on its balance sheet.