Hyperliquid's native token HYPE hit a fresh all-time high near $77 on June 16, climbing nearly 10% in a single day. The token now trades around $74.61, up 67% over the past year, with a market capitalization of roughly $16.57 billion — enough to make it the tenth-largest cryptocurrency. The rally comes as institutional capital rotates out of spot Bitcoin funds and into HYPE-linked products.
ETF inflows accelerating
Three spot HYPE ETFs — 21Shares' THYP, Bitwise's BHYP, and Grayscale's HYPG — have drawn about $153 million in net inflows since launch and nearly $900 million in volume. After a brief net outflow around June 5, demand recovered sharply. June 15 saw one of the largest single-day inflows yet. The rotation is notable: while HYPE products are gaining, spot Bitcoin ETFs have seen outflows this month.
Revenue burn and leverage
Hyperliquid reported roughly $850 million in revenue for 2025, with 99% of that directed toward buying and burning HYPE tokens. That burn mechanism has been a steady tailwind for price. On the derivatives side, leverage on Hyperliquid's perpetual futures markets has been elevated since mid-May. Long liquidations spiked in early June, while short liquidations have increased more recently. The exchange also offers trading of equities and pre-IPO names, including a SpaceX contract.
Hayes sells, technical levels in focus
Arthur Hayes sold his entire HYPE position above $72 in early June and later denied a reported buyback. The sale didn't stop the rally. Technically, HYPE reclaimed the 1.272 Fibonacci extension at $70.04. Next targets sit at $83.55 (1.618 extension) and $98.47 (2.0 extension). The relative strength index is about 63 — not yet overbought — though volume has declined as price advanced, signaling a bearish divergence. On the weekly chart, HYPE trades in an ascending channel since late 2024, projecting toward roughly $128. Support sits at $59.41 (prior breakout) and $51.05 along an ascending trendline.
What the bull case looks like
Analyst Efe Kelemci has suggested that if Hyperliquid scales to Tier-1 exchange volumes and launches spot trading, a market cap similar to Robinhood's (~$70 billion) would imply a token price above $300. That's a long way from here, but HYPE has already gained 164% since the start of 2025 — while Bitcoin fell 42% and Ethereum dropped 57% from their peaks. Whether the token can sustain that momentum will depend on whether ETF inflows keep accelerating and whether Hyperliquid's perpetuals volume continues to support the burn.
