Hyperliquid (HYPE) is drawing heavy whale accumulation and nearing a potential U.S. ETF launch, pushing bullish sentiment around the perpetual DEX token to fresh highs.
Whale Accumulation Fuels HYPE Rally
On-chain analytics platform Lookonchain flagged a wave of large purchases on X. BitMEX co-founder Arthur Hayes bought 26,022 HYPE worth $1.1 million after a nearly three-month pause. He was not alone.
One unidentified whale deposited 7.86 million USDC (USDC) into Hyperliquid to acquire 200,042 HYPE. Another trader known as Cooker spent $1.99 million on 50,751 tokens at an average price of $38.5.
The token has already responded. HYPE gained over 12% in the past week and reclaimed the $40 level. Hayes has predicted the token could reach $150 by August, citing record fee generation from HIP-3 markets. DeFiLlama data confirms Hyperliquid ranks among the highest fee-generating protocols in crypto, with most of those fees directed toward token buybacks.
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Bitwise ETF Filing Signals Institutional Interest
Bitwise filed an amended registration statement for a Hyperliquid ETF under the ticker "BHYP," setting a management fee of 0.67%.
The filing lists FalconX, Flowdesk, Nonco, and Wintermute as approved trading counterparties. Analysts explain that the filing suggests a launch could come soon, a development expected to channel institutional capital into the HYPE ecosystem. Grayscale and 21Shares have also filed for their own Hyperliquid ETFs.
As Yellow Media previously wrote, Hyperliquid's perpetual DEX volume share climbed from 36.4% to 44% since January, making it the only major perpetual exchange to gain market share during that stretch. The platform processed close to $200 billion in monthly volume in Mar. 2025 and captured nearly 6% of the global perpetual futures market — a figure that has nearly doubled from roughly 3.5% a year earlier.