Hyperliquid hits a record high of $60! Up over 70% this year, is institutional demand the driver?

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Author: Kurumi, Crypto City Hyperliquid hits all-time high, $HYPE price breaks through $60 CoinGecko data shows that the token $HYPE of the decentralized perpetual exchange Hyperliquid has recently bucked the trend, breaking through the $60 mark and hitting an all-time high; meanwhile, Bitcoin ($BTC) continues to hover between $77,000 and $78,000. Although as of today (5/22) at the time of writing, the price of $HYPE has pulled back from its high of over $60 to $57.38, its cumulative increase over the past year still exceeds 70%. Surge in demand for Hyperliquid spot ETF The main reason for the strength of $HYPE comes from the massive demand for spot ETFs from two major institutions. A report by The Block pointed out that the Hyperliquid spot ETF in the US market attracted $25.5 million in new inflows on Wednesday. Data from SoSoValue shows that Hyperliquid's single-day net buying has exceeded the total inflows of the ETF's first five days of listing. In addition to ETF funds, wallets associated with asset management firm Grayscale have also accumulated a large amount of $HYPE. Blockchain analysis platform Lookonchain observed that these wallets have accumulated $41.6 million worth of tokens over the past week, suggesting that there may be some potential risks in the market. Additionally, Bitwise also plans to launch HYPE assets simultaneously and combine them with Hyperliquid ETF products. Bitwise has pledged to use 10% of the management fees generated by the ETF product to directly acquire and hold HYPE tokens on its balance sheet. Bitwise CIO is bullish on Hyperliquid's future Regarding the future development of $HYPE, Bitwise CIO Matt Hougan specifically issued a memo. From Hougan's perspective, most investors still underestimate Hyperliquid's profound influence and potential value. Hougan believes that investors often limit Hyperliquid simply to a cryptocurrency perpetual exchange, ignoring its potential to develop into a super-app covering various asset classes. The market is also accustomed to comparing $HYPE with early governance tokens, ignoring its potential to be benchmarked against high-growth financial infrastructure such as Robinhood or the Chicago Mercantile Exchange (CME). Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, is also among those bullish on $HYPE. In February this year, he made a $100,000 bet with Multicoin Capital co-founder Kyle Samani, betting that $HYPE would outperform any cryptocurrency with a market cap of over $1 billion in price performance before 8:00 AM Taiwan time on July 31. (The above content is excerpted and reprinted with authorization from our partner "Crypto City", original link)

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