Hyperliquid Gains Momentum as Bitwise Launches HYPE ETF

Hyperliquid (HYPE) surges following the launch of Bitwise's BHYP ETF on the NYSE, signaling a major shift toward institutional and multi-asset adoption.

Momentum surrounding Hyperliquid has accelerated sharply following the launch of the Bitwise Hyperliquid ETF (BHYP) on the NYSE on May 15. This move has effectively legitimized the project for traditional investors and fueled renewed interest in the HYPE token.

In a rare move for the ETF industry, Bitwise announced it would allocate 10% of the fund’s management fee revenue to directly buy back and stake HYPE tokens. The market viewed this as a structural buyback mechanism capable of generating consistent buying pressure on the asset.

Just days later, competitor 21Shares launched its own Hyperliquid ETF in the United States, which successfully attracted over $5 million in inflows during its initial trading days.

Hyperliquid Expands Beyond Crypto

According to Bitwise’s Matt Hougan, Hyperliquid can no longer be defined simply as a “crypto exchange,” drawing a parallel to how Amazon long ago moved past being just an online bookstore.

Recent data indicates that nearly half of the platform’s volume now originates from traditional assets, including the S&P 500, gold, crude oil, and pre-IPO companies like SpaceX.

A significant signal of Hyperliquid’s integration into traditional finance occurred during the recent geopolitical crisis involving Iran. Bloomberg utilized crude oil prices from the platform as a primary real-time benchmark because traditional markets were closed at the time.

The platform has further integrated prediction markets directly into its interface, allowing users to hedge against macroeconomic and political events within a single ecosystem.

This evolution is transforming Hyperliquid into a multi-asset trading environment that competes not only with crypto exchanges but also with established traditional market infrastructures.

Aggressive Model Attracts Investors

A primary driver behind the 77% year-to-date rally for HYPE remains its aggressive token buyback mechanism.

Unlike many legacy DeFi tokens that offer little direct economic value, Hyperliquid directs 99% of all fees to a specialized Assistance Fund used for automated HYPE buybacks.

Following a validator vote, assets in this fund are now being permanently burned, creating a deflationary cycle for the token. With monthly trading volumes reaching approximately $170 billion, the platform generates between $800 million and $1 billion in annual revenue. This places the HYPE valuation multiple significantly lower than those of traditional brokerage operators like Robinhood or CME Group.

Wall Street Begins Monitoring HYPE

Following the Bitwise announcement, the HYPE token saw price increases between 13% and 24% within 48 hours. Analysts note that the asset is becoming one of the most crowded long positions in the crypto market.

Independent macro analysts now identify Hyperliquid as a top beneficiary of the convergence between blockchain infrastructure, prediction markets, and multi-asset trading.

Despite the current optimism, Matt Hougan highlighted a major remaining hurdle: the lack of direct access for U.S. retail investors. He suggested that the next phase of the platform’s growth will depend on whether the team can successfully integrate with the U.S. regulatory framework over the coming 12 months.