Hyperliquid Gains 40% as Grayscale and Arthur Hayes Back HYPE

Hyperliquid (HYPE) surged 46% this week, hitting $61. Institutional giants Grayscale and Galaxy Digital are accumulating as Arthur Hayes targets a $200 price.

The recent transfer comes at a time of surging institutional interest in the Hyperliquid ecosystem. The native token has climbed over 40% in seven days, significantly outperforming both Bitcoin and Ethereum in terms of returns.

Hayes Doubles Down on Bullish HYPE Projections

Just days before the transfer, BitMEX co-founder Arthur Hayes publicly stated that $HYPE is nearing a new all-time high. He reiterated his aggressive price target of $150, with a potential long-term scenario reaching $200.

The token jumped more than 46% in a single week, breaking past the $61 mark. This performance has established it as one of the strongest large-cap crypto assets of 2026.

Analysts suggest the recent movement toward Bybit reflects partial profit-taking and structural position rebalancing rather than a complete exit from the asset.

Wallets associated with Hayes continue to hold approximately $13.6 million in $HYPE, excluding the funds recently deposited on the exchange.

Grayscale and Major Funds Accelerate Accumulation

The primary catalyst for Hyperliquid’s decoupling from a weaker broader market is intense institutional accumulation occurring between May 20 and May 22.

On-chain data reveals that wallets linked to Grayscale purchased over 510,000 $HYPE, valued at nearly $25 million. A significant portion of these tokens was subsequently staked.

These purchases follow a HYPE ETF application filed earlier this year.

Simultaneously, Galaxy Digital has accumulated roughly $8.8 million worth of the token. Addresses linked to a16z have also invested nearly $10 million, which has similarly been moved into staking.

Hyperliquid Attracts Capital via Aggressive Revenue Model

Institutional demand for Hyperliquid is fueled by the protocol’s specific revenue distribution model. The platform utilizes up to 97% of its trading revenue to buy back $HYPE from the open market—a mechanism that generates consistent buying pressure.

In the last 24 hours alone, Hyperliquid generated over $2.56 million in trading fees. The protocol’s cumulative revenue has now surpassed $1.28 billion.

This financial performance cements Hyperliquid’s position as one of the most profitable DeFi protocols in the industry. It remains a primary focus for hedge funds and institutional investors seeking exposure to on-chain derivatives infrastructure.