HYPE hits an all-time high over $74 amid Grayscale ETF plans and a Coinbase team-up. Is it a true institutional shift or a retail bubble?

HYPE hit a record near $67 after the CFTC cleared the first US perpetual futures contract and Grayscale called Hyperliquid a breakout success.

Hyperliquid's HYPE token staged a strong breakout on Saturday, continuing a trend that started in January when it bottomed at $20. It surged to a record high of $67, and a…