Hyperliquid’s native token, HYPE, broke past $73 on Wednesday, setting a new all-time high and climbing into the top 10 cryptocurrencies by market capitalization. The token surpassed dogecoin in the rankings, fueled by a 5% gain in the past 24 hours and a 20% rise over the last week. Over the past month, HYPE has surged more than 75%.
The numbers behind the rally
HYPE’s latest leg higher comes as trading volumes and investor attention shift toward the Hyperliquid ecosystem. The token now sits comfortably above the $73 mark, a level it had never reached before. The seven-day and 30-day gains put HYPE among the best-performing large-cap digital assets in recent weeks, outpacing most of the top 20.
Spot ETF inflows add fuel
US spot HYPE exchange-traded funds recorded over $9 million in net inflows on May 29 alone, pushing total net assets above $135 million. That steady stream of institutional money has helped underpin the rally, giving retail and professional traders a regulated way to gain exposure to the token without holding it directly.
A staking ETF in the works
Grayscale is reportedly in talks with Hyper Holdings Global LP for a seed investment of roughly 2 million HYPE tokens — worth more than $140 million at current prices — for the proposed Grayscale Hyperliquid Staking ETF. The fund is expected to list on Nasdaq under the ticker HYPG, pending regulatory approval. If it launches, it would be among the first ETFs to offer staking rewards on Hyperliquid’s proof-of-stake network, a feature that could attract yield-seeking investors.
The potential Grayscale ETF adds another layer of demand for HYPE tokens, as the product would need to hold the underlying asset. Details on when Grayscale might file a formal registration or how the SEC will view a staking component remain unclear.
What’s next for HYPE
With HYPE now trading above $73 and market cap north of $10 billion (based on circulating supply), the token’s next milestones include holding the new all-time high and potentially attracting more ETF filings. The Grayscale staking ETF talks, if they lead to an official application, could become a major catalyst. For now, traders are watching to see whether HYPE can consolidate above $73 or extend its run toward $80.
