HYPE Rises as Hyperliquid ETF Demand Accelerates

Bitwise Expands Hyperliquid Commitment

Bitwise published wallet addresses tied to its Bitwise Hyperliquid ETF and stated, “Hyperliquid’s DNA is all about transparency. Everything is onchain. Don’t trust, verify.”

The asset manager said it would allocate 10% of the ETF’s management fee toward holding HYPE on its balance sheet, describing the structure as a “community-first model” aligned with Hyperliquid’s 99% revenue buyback mechanism. Bitwise added, “If the protocol succeeds, the community succeeds.”

BHYP carries a 0.34% sponsor fee and waives that fee during the first month on the fund’s first $500 million in assets. The ETF stakes purchased tokens through Bitwise Onchain Solutions and takes a 15% fee on staking rewards before distributing the remainder through the structure.

Bitwise described BHYP as the first U.S.-listed Hyperliquid product to stake natively through the issuer’s own infrastructure rather than relying on a third-party validator.

Bitwise CIO Matt Hougan said investors are making a “category error” by valuing Hyperliquid as a crypto perpetuals exchange instead of a broader financial network. He also said investors are making an “anchoring error” by comparing HYPE with first-generation governance tokens rather than companies such as Robinhood or CME.

“Hyperliquid is one of the most important crypto projects to emerge in years,” Hougan said. “I still think investors are underestimating its impact and its value.”

Hougan framed Hyperliquid as a financial trading network targeting global asset markets worth $600 trillion rather than only the roughly $3 trillion crypto market. He said the platform’s expansion opportunity includes equities, commodities, prediction markets, S&P 500 futures and pre-IPO stocks.

“Today’s prices suggest you’re being offered the second at the cost of the first,” Hougan said.

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Hyperliquid Buybacks and Whale Accumulation Grow

Hyperliquid’s Assistance Fund routes around 99% of platform trading fees into HYPE buybacks, with purchased tokens sent to a system address without a private key.

“Hyperliquid’s token is explicitly designed so that rising trading activity on the Hyperliquid platform directly benefits token holders,” Hougan said.

Hyperliquid validators voted 85% in favor in December to classify all HYPE held in the Assistance Fund address, including future revenue routed there, as permanently burned. That removed about 13% of circulating supply, or roughly 37 million HYPE, from official supply statistics.

Hougan estimated Hyperliquid generates between $800 million and $1 billion in annualized revenue, while HYPE trades at roughly 10 to 14 times its buyback stream.

Hyperliquid’s real asset sector reached a new all-time high of $2.6 billion in open interest after doubling during the previous two months. The platform also generated nearly 40% of all blockchain fees across the market during the prior week, outperforming Ethereum and Solana on that metric.

On-chain data showed two wallets linked to Grayscale bought 510,387 HYPE valued at about $24.95 million during the past week and staked the holdings. Grayscale had previously filed an S-1 registration statement for a HYPE ETF in January.

Arkham data cited by Wu Blockchain showed a suspected Grayscale-linked address accumulated HYPE through exchanges and OTC desks including Wintermute, FalconX, Coinbase and Flowdesk. The address reportedly held 176,050 HYPE worth about $9.84 million and transferred 149,100 HYPE worth about $7.49 million to the Hyperliquid System Address.

Bitwise reportedly bought $19.78 million in HYPE and staked the holdings, while Arkham indicated those holdings were already up by about $2.4 million at the time of reporting.

A wallet linked to Galaxy Digital bought 158,100 HYPE worth about $8.8 million within two hours.

A newly created wallet withdrew 536,247 HYPE worth about $29.87 million from Coinbase over two days. Another whale deposited 19 million USDC into Hyperliquid and bought 76,600 HYPE worth about $3.8 million while the activity was still ongoing.

An a16z-linked whale created a new wallet and bought 206,325 HYPE valued near $9.95 million before staking the tokens. The same whale reportedly accumulated 2.34 million HYPE worth about $102 million since April 14.

Jason Rindahl, CEO of Nebula DeFi, said, “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.”

Hougan said Hyperliquid has evolved beyond a crypto perpetual futures exchange into a financial “super-app” offering commodities, S&P 500 futures, pre-IPO stocks and prediction markets. He said nearly half of platform trading volume now comes from non-crypto assets and that the share could rise further by year-end.

Goldman Sachs entered the institutional narrative after reports said the bank exited XRP and Solana ETF positions, reduced Ethereum ETF exposure, and opened a smaller new position linked to Hyperliquid compared with its Bitcoin ETF allocation.

SEC Chair Paul Atkins’ recent comments were described as supportive of financial “super-apps” capable of offering multiple asset classes under one framework.

The U.S. administration was also preparing a framework that could allow decentralized crypto platforms to trade tokenized versions of securities without requiring approval from the public companies themselves.

Hyperliquid’s partnership with Coinbase and Circle was described as redirecting stablecoin economics away from issuers and toward crypto trading venues, a shift analysts said could support continued HYPE demand while pressuring Circle’s margins.