HYPE Spot ETF Records 14 Consecutive Days of Accumulation at 1%; Is $75 Just the Starting Point for New Highs?
- Core Thesis: The HYPE token has recently been hitting new all-time highs. Its fundamentals are primarily supported by a three-pronged force: sustained net inflows into spot ETFs, continuous buybacks funded by protocol revenue, and aggressive accumulation by institutional investors. This has created powerful incremental buying pressure that can potentially offset the selling pressure from team token unlocks.
- Key Factors:
- Within two weeks of its launch, the HYPE spot ETF recorded net inflows exceeding $136 million for 14 consecutive days, absorbing approximately 0.9% of the market cap. On a proportional basis, this significantly outperforms the spot ETFs for BTC, ETH, and SOL over the same period.
- Among the 12 U.S. crypto spot ETFs, HYPE has become the fifth-largest by cumulative net inflows. During the same timeframe, spot ETFs for BTC, ETH, and BNB all experienced significant net outflows.
- Hyperliquid's Assistance Fund mechanism allocates 99% of protocol fees to repurchase HYPE, having already accumulated buybacks worth over $1.1 billion. This creates a dual buying support structure alongside the ETF.
- a16z has likely become the largest external holder of HYPE, holding millions of HYPE across multiple addresses. Other institutions like Galaxy Digital have also been continuously buying recently.
- HYPE DAT company Hyperliquid Strategies holds 22.3 million HYPE (valued at $1.6 billion) and has been included in the Russell 3000 index, potentially securing passive allocation from massive index funds.
Original by Odaily Planet Daily (@OdailyChina)
Author: Golem (@web3_golem)
"HYPE should at least surpass SOL before the end of this bull market," BitMEX co-founder and the most loyal "H Guard" Arthur Hayes openly stated this expectation in late May, having previously expressed multiple times that HYPE would rise to $150.
The reason behind Arthur Hayes's "praising one and disparaging the other" stems from former Multicoin Capital co-founder and "S Guard" Kyle Samani first opening fire on Hyperliquid within the community. The subsequent exchange of insults between the two escalated uncontrollably, eventually concluding with a $100,000 bet that HYPE would outperform all top 10 tokens by market cap for the remainder of the year (For more details on their feud, read: Solana and Hyperliquid's Most Loyal Guards Engage in a Heated Exchange).
In recent days, HYPE has continued to surge, reaching a new all-time high of $75. Investors looking to get in are suffering from "fear of heights," with some even attempting to short. This article, from Odaily Planet Daily, will analyze the changes in HYPE's fundamentals from a market order book perspective for readers' reference.
The Strongest Altcoin ETF in History Arrives
There are currently two HYPE spot ETFs on the market. On May 12, 21Shares launched the first Hyperliquid ETF (THYP) on Nasdaq; on May 15, Bitwise also launched a Hyperliquid ETF (BHYP) on the NYSE.
HYPE Spot ETF Records 14 Consecutive Days of Net Inflows
As of June 2, the HYPE spot ETF has recorded net inflows for 14 consecutive days since its launch, accumulating over $136 million, absorbing approximately 0.9% of HYPE's total market cap. Among these, Bitwise's BHYP saw net inflows of $82.96 million, becoming the world's largest HYPE ETF.
The performance of the HYPE spot ETF since its launch clearly demonstrates the degree of traditional capital's enthusiasm for Hyperliquid. Among the 12 US crypto spot ETFs, based on cumulative total net inflows, the HYPE spot ETF has become the 5th largest crypto spot ETF, trailing only the BTC spot ETF, ETH spot ETF, XRP spot ETF, and SOL spot ETF, leaving other earlier-launched crypto spot ETFs far behind.
Comparing the performance of BTC and ETH spot ETFs since May also reveals a market divergence trend, indicating a reallocation of capital within crypto asset ETFs.
The BTC spot ETF has experienced net outflows for 12 consecutive days since May 15, with total outflows exceeding $2.43 billion in May, breaking its previous record of 8 consecutive days of net outflows set in early 2025. The ETH spot ETF has seen net outflows for 16 consecutive days since May 11, with total outflows surpassing $540 million in May. Meanwhile, the VanEck BNB ETF (VBNB) launched on Nasdaq on May 28 has even recorded zero net inflows for 4 consecutive days.
In this cycle, institutional and traditional capital's demand for exposure to ETFs like BTC and ETH has notably cooled, while their attraction to HYPE has gradually strengthened, with FOMO levels even surpassing those seen during the initial launches of the BTC and ETH spot ETFs.
The HYPE spot ETF has absorbed nearly 1% of HYPE's market cap within two weeks of its launch, exceeding the initial performance of BTC and ETH spot ETFs on a market cap proportion basis. According to SoSoValue data, the BTC spot ETF saw $1.46 billion in net inflows in its first two weeks, absorbing only about 0.2% of BTC's market cap at the time. The ETH spot ETF even experienced net outflows of approximately $400 million in its first two weeks. The SOL spot ETF attracted about $380 million in net inflows in its first two weeks, absorbing only roughly 0.47% of SOL's market cap.
The sustained inflow into the HYPE spot ETF has provided solid support for HYPE's price.
Dual Support for HYPE Buying Pressure Offsets Unlock Selling Pressure
Beyond the ETF, Hyperliquid's protocol revenue also forms a crucial support for HYPE's buying pressure.
Earlier in 2025, Hyperliquid introduced the Assistance Fund (AF) mechanism, which initially directed 97% of protocol transaction fees (perps + spot, etc.) automatically into the AF system address for continuous HYPE buybacks. This ratio was later changed to 99%. This mechanism allows HYPE to effectively capture the value of the Hyperliquid protocol while providing significant support for its price.
Hyperliquid's daily protocol revenue ranges between $1 million and $3 million. Since the implementation of the AF mechanism, it has cumulatively bought back over $1.1 billion worth of HYPE. Although the cumulative net inflow from the HYPE spot ETF is lower than that of the AF, its growth rate is faster. In just half a month, net inflows have reached one-tenth of the AF buyback amount, with a single-day record high of $31.62 million on May 29.
Now, the addition of the HYPE spot ETF will create dual support for HYPE, thereby offsetting the selling pressure from team token unlocks.
Starting from January 2026, the official schedule stipulates that team tokens will be unlocked in a one-time monthly manner, fixed on the 6th of each month. On June 6, tokens worth $38.7 million will be unlocked in a single batch, but this may not create significant selling pressure in the market.
Another important characteristic of ETF buying is that the underlying investors may not be familiar with tokenomics or have even directly interacted with DeFi protocols; they simply seek exposure to HYPE. Consequently, ETF investors are less sensitive to token unlocks. As long as the project's fundamentals do not undergo drastic changes, token unlocks are unlikely to suppress buying pressure.
Furthermore, more HYPE spot ETFs are expected to launch in the future. On June 2, Grayscale submitted an S-1 amendment for a Hyperliquid Staking ETF, providing approximately 2 million HYPE as seed capital investment, under the ticker Grayscale Hyperliquid Staking ETF (HYPG). Trading is scheduled to officially begin on June 4.
HYPE is poised to welcome deeper liquidity, stronger institutional participation, and continuously generated incremental buying pressure.
Are Institutions More FOMO Than Retail?
Institutions' FOMO towards HYPE is no less intense than that of retail investors. They are simultaneously voicing bullish opinions on HYPE publicly while using real capital to propel its price higher.
a16z May Have Become the Largest External HYPE Holder
Starting around August 2025, a16z began its large-scale accumulation of HYPE. According to monitoring by crypto analyst Ai Yi @ai_9684xtpa, a16z may have become the sixth largest holder entity on the HYPE chain and the largest external holder entity. The top 5 addresses on the HYPE chain all belong to Hyperliquid's own ecosystem projects (the fifth being the Kinetiq staking protocol), while the sixth address belongs to a16z, holding 3.095 million HYPE worth over $223 million.
However, this is not a16z's only HYPE holding address. On-chain data shows a16z has been continuously buying and accumulating HYPE through multiple associated addresses.
On May 28, crypto analyst Ai Yi @ai_9684xtpa monitored that an address starting with 0x4c6, associated with a16z, had withdrawn a total of 253,947.43 HYPE from multiple exchanges and market maker addresses, with an average withdrawal price of approximately $59.2. On May 30, Lookonchain monitored that another a16z-associated address starting with 0xb5E purchased an additional 226,121 HYPE. Since April 14, this address has cumulatively bought 3.9 million HYPE, with an average purchase price of about $49.4.
Beyond a16z, Galaxy Digital is also accumulating HYPE. On June 3, Lookonchain monitored that Galaxy Digital withdrew 179,000 HYPE (worth approximately $12.62 million) from Coinbase. On May 21, another associated wallet also purchased 158,100 HYPE, worth about $8.8 million.
Institutions no longer view HYPE as a mere speculative altcoin. Bitwise CIO Matt Hougan stated that HYPE is not just an altcoin but a "second-generation" cryptocurrency, as it features real value capture, buybacks, and institutional demand.
Simultaneously, institutions are redefining Hyperliquid's positioning from a Perp DEX to a blockchain-based financial infrastructure platform. Grayscale stated in a report that Hyperliquid could potentially challenge traditional derivatives trading and exchange systems in the future, growing into a "financial services giant."
HYPE DAT Company Joins the Russell 3000 Index
As the DAT concept in US stocks cools down and the sector leader Strategy begins selling coins, companies betting on HYPE are consistently realizing paper profits alongside HYPE's rising price (Related reading: Is DAT a Failure? Companies Betting on HYPE Book $1.25 Billion in Paper Profits).
The most noteworthy among these is Hyperliquid Strategies (NASDAQ: PURR). According to its official website, it currently holds 22.3 million HYPE, with a holding value of $1.617 billion. In its financial report released in early May, Hyperliquid Strategies also disclosed that as of Q1 2026, it had spent $10.5 million to repurchase approximately 3 million shares, at an average cost of $3.42 per share.
On May 22, FTSE Russell published the preliminary list for the June 2026 Russell 3000 Index reconstitution. PURR appeared on the addition list for the Russell 3000 Index, with the change expected to take effect on June 26.
PURR appears on the addition list for the Russell 3000 Index
The Russell 3000 Index is one of the broadest stock indices in the US market, covering approximately 3,000 of the largest publicly traded companies, effectively encompassing almost the entire US stock market. It undergoes a major annual reconstitution every June. Currently, a vast number of index funds, pension funds, and ETFs track this index. FTSE Russell disclosed that approximately $10.6 trillion in assets use the Russell US Index as a benchmark.
If PURR is indeed included in the Russell 3000 Index, it will not only benefit from passive fund allocation but also gain significantly enhanced visibility. To help investors gain more HYPE exposure, they might emulate Strategy's "borrow-to-buy" model in the future, thereby forming another solid pillar of buying support for HYPE.
