Hyperliquid's native token HYPE blasted past $73 to a new all-time high this week, riding a wave of institutional inflows and surging social chatter. The rally comes just weeks after the first US spot Hyperliquid ETFs hit the market, pulling in a combined $137 million from investors so far, according to SoSoValue.
ETF inflows heat up
Two funds now trade on US exchanges: 21Shares' THYP, which has attracted about $57 million since its debut, and Bitwise's BHYP, which has collected nearly $80 million. The rapid accumulation suggests that the ETF structure is unlocking demand that was previously bottled up. Bitwise's chief investment officer, Matt Hougan, said in a recent note that HYPE remains “significantly undervalued,” comparing Hyperliquid to a financial “super-app” with a buyback-driven token model that he says is rare among newer crypto projects.
Analyst targets and social surge
On-chain data from Santiment shows HYPE's social dominance — its share of crypto mentions across X, Reddit, Telegram and other forums — hit the highest level of 2026 this week. Analyst Ali Martinez, citing momentum, pegged upside targets of $97 and $163. He also noted that earlier sell signals for HYPE have been invalidated, meaning the technical setup has flipped bullish again.
What's driving the momentum
Beyond the ETFs, Hyperliquid's perpetual futures trading volume has been climbing, protocol revenues are rising, and new trading products are rolling out across its decentralized infrastructure. Speculation about future ecosystem growth is also stoking interest. All of it feeds into a virtuous cycle: more activity means more buybacks, more token scarcity, and more attention.
The timing isn't great for anyone who missed the run — but with $137 million in fresh ETF money and an analyst calling for nearly double the current price, the question now is whether HYPE can hold above $73 and make a run at $97.
