In a remarkable surge, the Hyperliquid token, HYPE, has ascended to an unprecedented high of approximately $76.70, marking a significant milestone. This rally is attributed to a confluence of factors, including heightened ETF-driven purchases, a spike in platform transactions, and a cascade of forced short liquidations that pushed prices beyond critical thresholds.
Data from crypto.news reveals that HYPE experienced a roughly 10% increase within a day, reaching its new zenith on June 16 before settling near $75.50. Over the preceding week, the token appreciated by about 46%, and its monthly gain exceeded 90%, fueled by escalating platform engagement, ETF interest, and continuous protocol buybacks that collectively sustained upward momentum.
The price upswing gained traction after asset manager Bitwise acquired approximately 77,100 HYPE tokens, valued at around $5.2 million, to bolster its recently launched Bitwise Hyperliquid ETF. This purchase coincided with HYPE trading near a key breakout zone, injecting fresh spot demand into a market where supply is systematically reduced through Hyperliquid’s fee allocation mechanism, which channels 97% of trading fees into token buybacks and burns.
As the price breached the closely monitored $70 level, leveraged bearish positions were liquidated, triggering a rapid chain reaction that accelerated the ascent to record highs. Beyond the ETF effect, trading volumes on Hyperliquid have expanded robustly, with the SpaceX pre-IPO perpetual futures contract generating roughly $1.2 billion in weekly volume. This activity has elevated the platform’s market share, capturing about 8.3% of global perpetual futures open interest, which has soared above $9.6 billion, translating to an annualized protocol revenue exceeding $1 billion.
The buyback mechanism, fueled by these revenues, continuously purchases HYPE from the market, drawing investor focus to platform usage metrics. Recent trading vigor has also alleviated concerns over a scheduled token unlock earlier this month, where approximately $700 million worth of HYPE entered circulation, yet demand from exchange activity and protocol purchases prevented sustained selling pressure.
Technically, the 4-hour chart shows HYPE surpassing the 0.618 and 0.786 Fibonacci resistance levels at $67.7 and $71.8, reaching the 1.0 extension near $77. The next target is around $91.9, while former resistance levels at $71.8 and $67.7 now serve as support. Daily charts indicate HYPE is testing the Murrey Math 8/8 resistance at $75; a sustained move above could target $81.25 and $87.50. Positive Chaikin Money Flow readings suggest ongoing capital inflow despite profit-taking after the breakout.
Supporting this rally, CFTC Chair Michael Selig recently defended the approval of perpetual futures products through regulated U.S. venues, a stance viewed as favorable for decentralized derivatives platforms. While Bitcoin has traded in a narrow range ahead of the Fed’s policy decision, traders have increasingly allocated capital to Hyperliquid, propelling HYPE to outperform larger cryptocurrencies and ascend in market capitalization rankings.