HYPE token tops $64 as spot ETFs draw $95 million inflows

The price of Hyperliquid's HYPE token reached a new all-time high above $64 in late May, a rally fueled by record-breaking demand for newly launched spot exchange-traded funds and sustained growth in the underlying decentralized exchange's activity.

Two spot HYPE ETFs, 21Shares' THYP and Bitwise Asset Management's BHYP, have together attracted over $95 million in net inflows since their launches in mid-May. According to data from Kairos Research, the funds absorbed the equivalent of 1.04% of HYPE's total market capitalization within their first ten trading days. This rate of absorption, measured against market size, surpasses the initial performance of comparable spot ETFs for Bitcoin, Ethereum, and Solana, which recorded 0.59%, 0.41%, and 0.31% respectively over the same initial period. The HYPE funds have recorded nine consecutive days of inflows without a single day of outflows.

This strong institutional debut has coincided with a sharp price increase for the token, which gained approximately 50% during May. The rally pushed HYPE's market capitalization above $15 billion. Analysts note the ETF inflows point to substantial demand for regulated exposure to the token and could...