Hyperliquid's token HYPE surged 15.3% Thursday to an intraday high of $58.97, currently trading at $57.20. The rally outpaced Zcash and Worldcoin amid renewed institutional interest.
Newly launched Hyperliquid ETFs logged $25.5 million in net buying Wednesday-17 times the token's daily Assistance Fund burn of $1.4 million. That single-day inflow already exceeds the combined $22.35 million from the first five days.
“The market is rewarding real trading volume, fee generation, user engagement, and the perception that Hyperliquid is becoming one of the few crypto native platforms capable of competing with centralized exchange experiences,” said Jason Rindahl, CEO of Nebula DeFi.
Bitwise, one of two issuers filing HYPE ETFs, published wallet addresses for its ETF Wednesday, emphasizing on-chain transparency. On Monday, Bitwise announced it would commit 10% of the ETF's management fee to holding HYPE on its balance sheet.
Bitwise CIO Matt Hougan argued the market is mispricing HYPE due to a “category error” and an “anchoring error,” comparing Hyperliquid to high-growth financial infrastructure like Robinhood or CME.
The positive sentiment held despite Nvidia's mixed earnings reaction. Nvidia reported Q1 revenue of $81.6 billion (up 85% YoY), beating estimates, but shares fell 3% in after-hours trading.