Hyperliquid’s $HYPE token reached a fresh all‑time high near $76.70 on June 16, driven by Bitwise’s ETF‑related purchase and a surge in platform activity that forced short positions to liquidate.
Price Momentum
Data from crypto.news shows $HYPE climbed almost 10% in the last 24 hours, touching $76.70 before easing to roughly $75.50 at press time. Over the previous week the token appreciated about 46%, while its month‑to‑date gain exceeds 90%.
Key Drivers
Asset manager Bitwise added roughly 77,100 $HYPE tokens, a transaction valued at $5.2 million, to back its newly launched Bitwise Hyperliquid ETF. The purchase coincided with $HYPE trading near a pivotal breakout zone, amplifying spot demand as the protocol’s buyback mechanism continuously withdraws supply.
Hyperliquid allocates 97% of its trading fees to purchase and burn $HYPE, creating persistent upward pressure on the price. When the token surpassed the $70 threshold, leveraged bearish bets were squeezed, triggering a cascade of liquidations that accelerated the rally.
Implications for Investors
Investors watching the crypto market note that heightened on‑chain activity and institutional backing are reinforcing $HYPE’s bullish trajectory. The combination of fee‑driven token burns, ETF demand, and short‑covering pressure suggests continued volatility, but also a potential upside for those holding the asset on the blockchain.