$HYPE surges past $60 to hit an all-time high! Four major catalysts propel Hyperliquid to become the 11th largest cryptocurrency

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This is the power of real yield! $HYPE, the native token of the leading decentralized derivatives exchange Hyperliquid, officially broke through its all-time high of $59.3 today (21st), hitting a new high in nearly 8 months. This rally is not driven by pure speculation, but by a frenzy of buying from Wall Street institutions (Grayscale buying and filing for an ETF), strong real fee revenue, and a deflationary flywheel where "97% of revenue is used for buybacks and burns." Currently, the market cap of $HYPE has reached $15 billion, making it the most eye-catching phenomenal asset in the entire network. (Previous coverage: Bloomberg Analyst: Hyperliquid ETF ($THYP) trading volume surges 8x! $HYPE breaks through $50, eyeing all-time high) (Background: Who would have thought that trade.xyz on Hyperliquid might be the biggest winner of the SpaceX IPO) The cryptocurrency market is witnessing the full awakening of a new generation of decentralized finance behemoths. According to the latest market data, $HYPE, the native token of the leading decentralized perpetual contract (Perp DEX) exchange Hyperliquid, successfully broke through the all-time high (ATH) of $59.3 set in September 2025 today (May 21, 2026), reaching above $60. It is currently oscillating strongly in the $59.6 to $59.8 range, with a 16% to 18% gain within 24 hours and trading volume surging to the multi-billion dollar level. This surge has brought the total market cap of $HYPE to between $14 billion and $15 billion, firmly ranking it in the top 10 to 12 of the global cryptocurrency market cap list. Starting from $37 at the end of April, $HYPE has soared by over 50% in just a few weeks. Fundamentals + Institutional Buying: Four Engines Driving the Surge This rally breaking previous highs is not groundless, but is composed of strong protocol fundamentals and the dual catalysis of Wall Street capital: - Explosive Real Revenue and "Extreme Deflation": Thanks to the HIP-3 upgrade, which introduced Real World Assets (RWA) such as gold, crude oil, and S&P 500, as well as financial index contracts, the platform's daily trading volume has been maintained at tens to hundreds of billions of dollars. Recent conflicts in the Middle East have further boosted the trading volume of crude oil contracts. Most astonishingly, Hyperliquid uses up to 97% of its platform fee revenue for automatic buybacks and burns of HYPE. This "real money" buying pressure forms a strong deflationary support. - Wall Street Institutions and ETF Frenzy: Crypto asset management giant Grayscale has aggressively bought and staked approximately $25 million worth of HYPE (about 510,000 tokens) over the past two weeks and has officially filed an S-1 application for a Spot HYPE ETF; meanwhile, the BHYP ETF launched by Bitwise has also promised to use a portion of its fees to buy and stake HYPE, injecting a shot in the arm into the market. - Top-tier Infrastructure Collaboration: Exchange giant Coinbase has become its official USDC Treasury Deployer, and stablecoin issuer Circle is also deeply involved and staking HYPE. The platform is fully adopting USDC as the primary quote asset to attract more institutional capital. - Market Sentiment FOMO and Narrative Upgrade: Market veterans like BitMEX co-founder Arthur Hayes have publicly called for a target price of $150. With the upcoming prediction market (HIP-4), Hyperliquid is transforming from a single decentralized exchange into a comprehensive "on-chain capital market infrastructure." Outlook and Risks: $60 Becomes a Key Psychological Level Analysts point out that this rally in $HYPE is a classic example of "revenue-driven + institutional entry," showing a strong independent trend decoupled from the broader market. However, investors still need to remain cautious in the short term. In the current high-leverage market environment, $60 will be an extremely strong psychological integer level. Once it successfully stabilizes above $60, it may trigger a new wave of accelerated short-squeeze rallies; however, if the attempt fails, it may face selling pressure from early profit-taking. As Wall Street capital continues to flow in, whether Hyperliquid can further capture the market share of centralized exchanges (CEX) will be the key to driving the next wave of valuation.

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