Of note, Grayscale-linked wallets reportedly accumulated over $40 million worth of HYPE over the past week.

Bitwise CIO Matt Hougan said Hyperliquid is undervalued as HYPE gains 77% this year and its buyback model drives value.

The asset manager recently launched a HYPE-based exchange-traded fund and said it will use some of the fees generated to buy the token.

Crypto investors have underestimated Hyperliquid’s token, HYPE, valuing the platform as a crypto exchange instead of an all-encompassing finance app, says Bitwise’s Matt Hougan.

Wallets linked to a16z crypto accumulated $90.87M in HYPE since April 14, becoming the 6th-largest holder with 1.3M tokens staked.

Hyperliquid's HYPE token has decoupled from Bitcoin with 101% YTD gains as the platform's revenue explodes across multiple sectors.

Hyperliquid's HYPE token crossed $50 on Wednesday for the first time since September 2025, fueled in part by a high-profile call from Bitwise's chief investment officer.

Hyperliquid’s token is up while other assets are down, which analyst Eric Balchunas says has led to a rare trading boom in newly launched HYPE-related ETFs.

Hyperliquid's HYPE token nears its all-time high as derivatives open interest hits $9.4B, fee revenue dominates crypto, and short squeeze conditions build.

Hyperliquid’s HYPE logged double-digit gains on the day, as ETF demand outpaced the token's supply reduction mechanism.

Hyperliquid is trading just 2.5% below its all-time high as Grayscale, Galaxy and an a16z-linked wallet collectively accumulated HYPE.

HYPE nears its all-time high as the new AQAv2 Coinbase partnership and historic spot ETF launches fuel a massive 50% weekly rally.

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.

Grayscale-linked wallets bought 115,733 HYPE tokens worth $6.6M in one hour, accumulating over 680,000 HYPE ($35M) in a week ahead of a potential spot ETF.

HYPE's surge and ETF inflows highlight growing institutional interest, potentially reshaping crypto market dynamics and investment strategies.

Hyperliquid ETFs hit $81M in total assets after $16.15M single-day inflow, marking one of the fastest accumulation runs for a new spot crypto ETF product.

Of note, Grayscale-linked wallets reportedly accumulated over $40 million worth of HYPE over the past week.

A Hyperliquid trader shorting HYPE before its surge is unwinding, selling $14M+ with $13M more to come as the token hit an ATH recently.