Hyperliquid (HYPE) Hits $64.20 Record as Wall Street Enters

HYPE surged 49% this week to a $64.20 high. Goldman Sachs, Grayscale, and new spot ETFs drive institutional accumulation as Hyperliquid expands its ecosystem.

Over the past week, the altcoin has climbed 49%, reaching a record high of $64.20 following a 15% price increase in the last 24 hours.

The rally gained further momentum after a new wallet withdrew over $4 million worth of tokens from Bybit. The market viewed this move as a clear signal of ongoing accumulation during the current price discovery phase.

Wall Street Enters Hyperliquid

Speculative traders are no longer the only ones driving this growth; institutional capital is becoming increasingly visible. Goldman Sachs surprised the market by revealing exposure to Hyperliquid in its Q1 13-F filings. Market data suggests the bank reduced its positions in Solana and XRP ETFs to favor HYPE.

In tandem, new spot HYPE ETFs in the U.S. have begun attracting significant inflows. 21Shares launched the $THYP fund on May 12, while Bitwise released $BHYP two days later.

These two products attracted over $53 million during their first week alone. Bitwise announced it would allocate 10% of its fee revenue to buy back and lock HYPE tokens, providing further support to the ecosystem.

Grayscale, a16z, and Galaxy Digital Accumulate

On-chain data highlights aggressive accumulation by major industry players.

Wallets linked to Grayscale purchased over 510,000 HYPE tokens for approximately $25 million, with the assets immediately moved into staking. Meanwhile, an address associated with a16z accumulated nearly $10 million in new purchases, bringing its total HYPE exposure to over $100 million since mid-April.

Galaxy Digital has also joined the fray, adding new positions worth nearly $9 million over the last few days.

Hyperliquid Expands Beyond the Perpetual DEX Model

The market is shifting its view of Hyperliquid, moving away from seeing it strictly as a decentralized exchange for perpetual futures. The protocol is preparing for the launch of HIP-4, a new infrastructure for prediction markets that will enable on-chain trading based on real-world events.

Additionally, Coinbase has been selected as the official liquidity source for USDC on the platform. This move is expected to funnel stablecoin liquidity and yield back into the ecosystem, supporting the HYPE buyback mechanism.

Bitwise CIO Matt Hougan suggested that the market still underestimates the project’s scale. He noted that many treat Hyperliquid solely as a DEX, even as the platform expands into prediction markets, pre-IPO assets, and macro derivatives.

Short Positions Liquidated

The rapid rally triggered massive liquidations of bearish positions. Derivatives market data shows that over $13 million in short positions were liquidated in the last 24 hours as traders attempted to block the breakout to new highs.

However, analysts warn that after such an aggressive move, the market is entering a technically overbought zone, which increases the risk of short-term volatility.

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