Hyperliquid HYPE Token Surges Above $60 as Institutional Demand Accelerates

Hyperliquid’s native token, HYPE, climbed to a fresh record high above $60 on May 21, fueled by growing institutional interest and strong inflows into newly launched exchange-traded funds (ETFs). The token gained more than 20% within 24 hours, reaching nearly $61.35 and becoming the top-performing cryptocurrency among the 100 largest digital assets by market capitalization.

The rally marks a sharp recovery for HYPE, which traded near $21 at the start of 2026 after previously touching around $58.50 in September last year. While major cryptocurrencies such as Bitcoin, Ethereum, and XRP remained mostly flat, HYPE significantly outperformed the broader market.

Wall Street Interest in Hyperliquid Continues to Grow

A major factor behind the rally is increasing institutional exposure to Hyperliquid through spot HYPE ETFs introduced earlier this month by asset managers Bitwise and 21Shares.

The products recorded a combined $25.5 million in daily inflows on Wednesday, lifting total inflows to nearly $54 million within their first seven trading days. The 21Shares Hyperliquid ETF, trading under the ticker THYP, brought in $16.7 million, while Bitwise’s BHYP added $8.8 million.

Market analysts say institutional investors are moving quickly into Hyperliquid products. According to research commentary from industry observers, inflows into HYPE-related ETFs are growing faster than Bitcoin ETFs when adjusted for market size.

Grayscale-Linked Wallets Increase HYPE Accumulation

Blockchain tracking data also pointed to strong buying activity from wallets reportedly linked to Grayscale. On-chain analytics platform Lookonchain reported that these wallets purchased around 115,700 HYPE tokens worth nearly $7 million within a single hour on Thursday.

Over the past week, the same wallets are believed to have accumulated more than 682,000 HYPE tokens, valued at approximately $41.6 million. Grayscale has also reportedly filed for its own spot Hyperliquid ETF, adding to expectations of wider institutional adoption.

Bitwise Strategy Adds More Support for HYPE

Bitwise recently revealed plans to strengthen its long-term exposure to Hyperliquid by using 10% of management fees generated from its BHYP ETF to purchase HYPE tokens for its balance sheet. The firm also plans to stake those holdings, a move that could reduce circulating supply while increasing long-term demand.