HYPE, the native token of the Hyperliquid ecosystem, hit a new all-time high of $75.52 on Tuesday, continuing a rally that has drawn institutional interest on multiple fronts. The same day, Grayscale filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission for a spot Hyperliquid ETF, a move analysts say could put the product on the market within days.
Grayscale's amended S-1
The filing covers the Grayscale Hyperliquid ETF, slated to trade under the ticker HYPG with a management fee of 0.29%. Bloomberg ETF analyst James Seyffart noted the amendment suggests the fund could launch in the near future, potentially within days. The updated registration statement addresses outstanding SEC feedback, bringing the product one step closer to trading. Grayscale already manages the Grayscale Bitcoin Trust and several other crypto investment vehicles; this would be its first ETF dedicated to Hyperliquid.
Bitwise's BHYP gains traction
Meanwhile, Bitwise’s Hyperliquid ETF (BHYP) has been pulling in steady capital. The fund attracted roughly $20 million in inflows on Friday — its largest single-day haul since launch. After just 11 trading days, BHYP surpassed $100 million in assets under management, with cumulative inflows of $81.8 million and average daily trading volume of $35.1 million.
Bitwise has also signaled long-term conviction in the asset. The firm committed to holding 10% of its annual management fees in HYPE tokens on its balance sheet for at least 12 months. On-chain data from Lookonchain shows Bitwise purchased an additional 336,474 HYPE tokens over the past 24 hours, worth about $24.4 million at current prices. That brings the firm’s total disclosed HYPE holdings to an undisclosed level, but the steady accumulation underscores growing institutional appetite.
HYPE's price action and outlook
At the time of writing, HYPE was trading at $72.28, up roughly 1% over the previous 24 hours. Its relative strength index sits at 65, a bullish reading that stops short of overbought territory. Technical analysis points to a possible extension toward the $80 mark if the current trend holds. On the downside, a retest of $67 support is possible, or a drop below $60 in a more extended bearish scenario.
The dual ETF-related developments — Grayscale’s filing and Bitwise’s rapid asset growth — are adding a structural layer of demand that wasn't present earlier this year. Whether HYPE can break and hold above $80 in the near term may depend partly on the timing of Grayscale's ETF launch. Seyffart's observation that the product could list in “days” leaves little room for patience among traders watching the price action.
