HYPE hit a new all-time high above $61 as record ETF inflows, institutional buying and staking plans fueled its 2026 rebound.
Hyperliquid News
Hyperliquid's native token HYPE reached $61.35 on May 21, surpassing its prior peak of roughly $58.50 from last September and setting a new all-time high. The token gained more than 20% in the prior 24 hours. It was the strongest performer among the top 100 cryptocurrencies by market capitalization on the day.
HYPE had dropped as low as $21 at the start of 2026, making the May 21 high a recovery of roughly 190% from that trough. Other top 100 tokens also posted gains on the day. Mantle (MNT) rose about 9%, Worldcoin (WLD) climbed 8%, and Zcash (ZEC) added 7%. Bitcoin (BTC), Ethereum (ETH), and XRP each slipped less than 1%.
The rally arrived alongside record inflows into US-listed spot HYPE exchange-traded funds (ETFs). The two products, from Bitwise and 21Shares, drew a combined $25.5 million in net inflows on May 20. That was the highest single-day total across the seven trading days since both funds launched earlier in May. Cumulative net inflows across the two products reached approximately $54 million over those seven days.
The 21Shares Hyperliquid ETF, trading under ticker THYP, led the May 20 session with $16.7 million in net inflows. The Bitwise Hyperliquid ETF, ticker BHYP, contributed another $8.8 million. The products launched on May 12 and 15, respectively.
Institutions Enter at Faster Rate Than Early BTC ETFs
Peter Chung, head of research at Presto Research, said institutions appear to be entering HYPE ETFs at a faster pace than they did BTC ETFs on a market-cap-adjusted basis. He described the pace of early institutional participation as notable, given Hyperliquid's relative size.
On-chain analytics platform Lookonchain flagged purchases by wallets it linked to Grayscale totaling more than 682,000 HYPE, valued at approximately $41.6 million, over the prior week. Within a single hour on May 21, those wallets bought roughly 115,700 HYPE worth around $7 million. Grayscale filed for its own spot Hyperliquid ETF earlier in 2026, and that application remains under review.
Bitwise also announced on May 19 that it plans to allocate 10% of the management fees generated by BHYP toward buying HYPE for its own balance sheet. Those acquired tokens would also be staked. Record ETF inflows, aggressive on-chain accumulation linked to a major asset manager, and a balance-sheet staking strategy from a second issuer all arrived on the same day the token set its new all-time high.
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