Hyperliquid's HYPE token hits a new all-time high near $59.4, up over 1,600% from its November 2024 low, driven by massive derivatives volumes on the DeFi-focused Layer-1.

Bitwise will hold HYPE from Hyperliquid ETF fees as HYPE funds pass $5.6M in inflows after 21Shares and BHYP launches.

The revenue share deal could shift an estimated $160 million in revenue from Coinbase and Circle into Hyperliquid's ecosystem, Compass Point analysts said.