Hyperliquid's HYPE token rose 7% today to $51 and gained 32% over the last week, driven by growing trading activity around newly launched HYPE spot exchange-traded funds. Bloomberg ETF analyst Eric Balchunas noted that the 21Shares Hyperliquid ETF, trading under ticker THYP, has seen daily volume rise steadily since launch, with turnover reaching tens of millions—approximately eight times higher than on the first trading day. The rise reflects renewed attention from market analysts and crypto investors toward HYPE-linked investment products.
ETF Trading Volume Drives Market Demand
The 21Shares Hyperliquid ETF recorded significant volume expansion. According to figures shared by Balchunas, daily turnover rose from $1.8 million on May 12 to more than $14 million on May 19. The fund's price climbed from $23.49 on its first listed date to $28.28 by May 19.
Balchunas described the steady volume growth as a positive sign of organic demand, with trading activity increasing across several sessions rather than appearing in a single short burst.
Data cited by crypto analyst Aletheia showed that HYPE spot ETFs recorded stronger market-cap-adjusted inflows than Bitcoin spot ETFs on three of their first six trading days. The same data showed HYPE ETFs also outpaced Ethereum spot ETFs on five of those six days. Solana spot ETFs remained ahead of Hyperliquid products on four of the six trading days on a market-cap-adjusted basis. However, HYPE spot ETFs recorded notably stronger inflows than peer products on the sixth trading day, according to data cited by WuBlockchain.
Over the same period, HYPE spot ETFs reportedly bought 2.5 times as much HYPE as the Assistance Fund purchased and burned, suggesting ETF demand is adding direct buying pressure in the market.
Hyperliquid Fee Revenue and Investor Focus
Hyperliquid has gained investor attention because of its revenue generation. According to Frank Chaparro, the platform has become one of crypto's largest fee generators, capturing about 43% of all chain fees, or nearly $11 million weekly. The platform's main business remains perpetual futures trading, an area where onchain activity has produced large fee volumes.
Bitwise, an asset manager, recently announced plans to use a portion of management fees from its BHYP product to buy HYPE for its balance sheet and stake those holdings. Bitwise Chief Investment Officer Matt Hougan described HYPE as a newer-generation crypto token with direct value capture, noting that the market is still treating Hyperliquid as a fast-growing perpetual futures exchange, while Bitwise views it as a platform that could cover several asset classes.
HYPE Price Technical Levels
HYPE has shown strength on the daily price chart after rebounding from its early 2026 low near $20.97. According to crypto analyst Ali Charts, the token has formed higher lows and higher highs since March, indicating stronger buyer activity following an earlier correction.
The recent move above the $45.37 resistance area has become a key technical point. HYPE was recently trading near $51.41, placing it in the upper part of its range and closer to the next resistance near $58.61.
On the downside, $45.37 is the nearest support level. Deeper support levels sit near $27.16 and $20.97.
