Bloomberg Analyst: Hyperliquid ETF ($THYP) trading volume surges 8x! $HYPE breaks through $50, eyeing all-time high.

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Hyperliquid ecosystem is exploding! Bloomberg senior ETF analyst Eric Balchunas posted today (20th) in amazement that the trading volume of the Hyperliquid ETF ($THYP) has reached 8 times its first-day volume, with market heat so intense he exclaimed, "Now can someone pls pass me a glow stick." Bolstered by the dual tailwinds of the ETF frenzy and staggering protocol revenue (accounting for 43% of all-chain fees), the native token $HYPE is aggressively approaching the $50 mark, surging over 20% in a single week with a market cap exceeding $11.8 billion. (Previous coverage: Who would have guessed that trade.xyz on Hyperliquid might be the biggest winner of the SpaceX IPO) (Background supplement: Flash: CME and NYSE call on the US to strengthen regulation of Hyperliquid, $HYPE drops nearly 10% in the short term) Centralized derivatives exchange powerhouse Hyperliquid is demonstrating incredible "mainstream adoption" strength, not only reigning supreme in on-chain data but also seeing its related traditional financial derivatives highly favored by Wall Street investors. Bloomberg senior ETF analyst Eric Balchunas released a new post today (May 20, 2026), giving high praise to the performance of the recently launched Hyperliquid ETF (Ticker: $THYP). Balchunas pointed out that $THYP's daily trading volume has grown steadily since its launch, currently reaching tens of millions of dollars, which is exactly 8 times its first-day trading volume. He believes this is an excellent sign of "organic interest" in the market and emphasized that the ETF's 20% gain right out of the gate was definitely a major boost. Faced with such a heated market atmosphere, Balchunas even humorously wrote at the end of his post: "Now can someone pls pass me a glow stick." The ETF frenzy is not without reason. In his post, Balchunas cited another staggering statistic: Hyperliquid has currently become a major "fee printing machine" in the entire cryptocurrency space. Data shows that the platform generates approximately $11 million in fees per week, accounting for 43% of the total fees across all blockchain networks. This powerful revenue-generating capability provides a solid foundation for its native token and ecosystem valuation. Benefiting from the fermentation of ETF-related news, increased institutional interest, and significant growth in Real World Asset (RWA) trading volume on the platform, the Hyperliquid native token $HYPE has been extremely strong recently. According to the latest market data (as of the 20th), $HYPE has shown a 7-day winning streak and is currently in a critical price discovery phase: - Real-time price: Strongly broke through $48 and is approaching the $50 mark. - Performance: Up 3% to 5.5% in the past 24 hours; a gain of 20% to 24% over the past 7 days; a cumulative gain of approximately 17% to 22% over the past 30 days, significantly outperforming the broader crypto market. - Market scale: 24-hour trading volume exceeded $600 million; total market cap reached between $11.8 billion and $12.7 billion, firmly ranking in the top 10 to 12 of the global cryptocurrency market cap list. Currently, $HYPE is about 15% to 18% away from its all-time high (ATH) of approximately $59.3. With the dual engines of fundamentals and external capital driving it, the market is closely watching whether it can break through its previous high in one go.

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