On May 31, Hyperliquid’s native token, HYPE, achieved a historic milestone by surging to approximately $69.97, marking a new all-time high. This impressive rally has propelled the token to a 67% gain over the past month, with weekly increases still exceeding 8%. Despite a minor pullback, HYPE remains firmly in the $67 to $68 range, underscoring its robust market presence.
This price action has cemented HYPE’s position as the 11th largest cryptocurrency by market capitalization, which now exceeds $15 billion. The token’s fully diluted valuation stands at over $65 billion, based on a maximum supply of 1 billion tokens. Trading activity has been robust, with the 24-hour range oscillating between $66.35 and $69.94, indicating sustained demand near peak levels. Notably, HYPE’s all-time low was $3.81 on November 29, 2024, highlighting the magnitude of its ascent.
A key driver of HYPE’s surge has been the influx of institutional capital through exchange-traded funds (ETFs). According to SoSoValue data, HYPE spot ETFs recorded three consecutive weeks of positive inflows in May, beginning with $2.52 million on May 13, escalating to $72.38 million by May 22, and concluding with $25.57 million on May 28. Cumulative net inflows reached $100.48 million by month-end, while total net assets grew from $3.17 million to $122.20 million over the same period. The total value traded across these ETFs hit $383.77 million, with the most intense activity occurring in the week ending May 22.
Hyperliquid’s tokenomics also play a pivotal role in sustaining demand. The platform allocates a significant portion of trading fees to buy back HYPE, creating a direct link between exchange activity and token value. This buyback mechanism, funded by real platform revenue rather than external capital, has garnered attention from market commentators. For instance, That Martini Guy highlighted that HYPE reached a record high of $70, emphasizing the platform’s ability to generate up to $1 billion in annual fees with a lean team. Similarly, Ash Crypto noted that HYPE added approximately $11 billion in market cap in 2026, attributing the rally to fee buybacks, ETF inflows, and growing interest in regulated perpetual futures.
Technical indicators continue to favor bullish sentiment. The moving averages are aligned with the uptrend: the 9-day moving average at $62.52 remains well above the 21-day moving average at $53.51, confirming that short-term momentum is leading. As long as HYPE holds above the 9-day moving average, the breakout structure remains intact. The first key support area is around $62.50, with a potential deeper drop bringing the $53.50 zone into focus. The MACD also signals ongoing strength, with the MACD line at 6.112 above the signal line at 4.890, and a histogram reading of 1.222, indicating active upward momentum.
However, the rapid ascent may warrant caution. Traders should monitor for weakening histogram bars as an early sign of decelerating momentum. A short consolidation would not disrupt the trend, but a daily close below $62.50 could weaken the current setup. The next upside target lies near $80, a level that earlier analyses identified as feasible if ETF inflows, buybacks, and trading activity continue to support the token.