Investors Flock to Hyperliquid as Asset Sees Significant Uptick, Bolstered by Grayscale's Substantial $35 Million Investment Boost

Table of Contents Hyperliquid’s native token HYPE pushed beyond $62 on Thursday, establishing a fresh all-time high while significantly outpacing most major digital assets. The token has surged approximately 58% throughout the last week, based on TradingView metrics. The prior record stood at approximately $58.50, achieved in September of last year. Following a decline to $21 in early 2026, HYPE has staged a remarkable recovery. Thursday saw HYPE leading performance among the top 100 cryptocurrencies by market capitalization. Other notable gainers included Mantle’s MNT (rising approximately 9%), Zcash (gaining 7%), and Worldcoin (climbing 8%). Meanwhile, Bitcoin, Ether, and XRP traded mostly sideways, declining less than 1% during the session. Blockchain analytics platform Lookonchain identified wallets associated with Grayscale acquiring approximately 115,700 HYPE tokens worth roughly $7 million within a single hour on Thursday. Throughout the week, these same wallets have amassed over 682,000 HYPE, representing a value between $34.9 million and $41.6 million based on different pricing sources. Grayscale is buying $HYPE like crazy, buying 115,733 $HYPE($6.65M) in the past hour alone. Over the past week, #Grayscale has bought 682,190 $HYPE($34.9M) in total.https://t.co/Sn8hW6P6Qxhttps://t.co/f1b9FQslCX pic.twitter.com/iS6g84Z1PR — Lookonchain (@lookonchain) May 21, 2026 Grayscale submitted documentation earlier this year for its own spot Hyperliquid ETF, positioning itself to compete with Bitwise and 21Shares, both of which debuted their products this month. U.S. spot HYPE ETFs captured an impressive $25.5 million in fresh capital on Wednesday alone. Throughout their initial seven trading sessions, total inflows have reached approximately $54 million. The 21Shares Hyperliquid ETF (THYP) dominated Wednesday’s activity with $16.7 million, while Bitwise’s BHYP contributed $8.8 million. Eric Balchunas from Bloomberg highlighted the unusual volume trajectory these products have demonstrated, describing it as a “giant step” beyond their debut performance. He emphasized it’s “rare to build in the first week like this,” observing that typical ETF launches experience significant first-day activity followed by declining interest. $THYP & $BHYP both with a 50% jump in volume (again) today, headed for a combined $40m in trading. A perfectly timed launch as EVERYTHING (stocks, bonds, gold, btc, cryptos) is down lately except the HYPE, which is up 27% since THYP's 5/12 launch. pic.twitter.com/RBlXwu54jB — Eric Balchunas (@EricBalchunas) May 20, 2026 Peter Chung, head of research at Presto Research, noted: “Institutions appear to be seizing the opportunity. Early data shows they are piling into HYPE ETFs faster than they did into BTC ETFs on a market-cap-adjusted basis.” Bitwise has publicly pledged to acquire HYPE for its corporate treasury, allocating 10% of management fees from its BHYP fund toward ongoing token purchases. Matt Hougan, Bitwise’s Chief Investment Officer, contended in a recent publication that HYPE ranks among the most undervalued cryptocurrencies available. He identified two fundamental market misperceptions. First, the market incorrectly categorizes Hyperliquid as merely a crypto leverage trading venue. Hougan maintains it should be evaluated as a comprehensive global platform pursuing the $600 trillion market for all asset classes, far beyond crypto’s $3 trillion footprint. Second, analysts mistakenly compare HYPE with tokens such as Uniswap’s UNI. Hougan positions HYPE more appropriately alongside Robinhood or CME, highlighting Hyperliquid’s 99% token buyback structure as a critical distinction. Bitwise’s commitment to maintain HYPE on its balance sheet, coupled with Grayscale’s persistent accumulation and pending ETF application, indicates expanding institutional interest around the token.