HYPE現貨ETF連續14天吸籌1%，75美元新高只是起點？

Original: Odaily Planet Daily (@OdailyChina)

Author: Golem (@web3_golem)

"HYPE should at least surpass SOL before the end of this bull cycle," BitMEX co-founder and most loyal "H-soldier" Arthur Hayes first publicly stated this expectation in late May, having previously expressed multiple times that HYPE would rise to $150.

The reason Arthur Hayes "pitted one against the other" originated from Multicoin Capital co-founder and "S-soldier" Kyle Samani, who first opened fire on Hyperliquid within the community. Their subsequent verbal sparring 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 (to understand the full history of their feud, see: Solana and Hyperliquid's Most Loyal Soldiers Traded Insults).

In recent days, HYPE has continued to surge, hitting an all-time high of $75. Investors looking to buy in are "afraid of heights," with some even beginning to attempt short selling. This article, from Odaily Planet Daily, will analyze changes in HYPE's fundamentals from the perspective of market bid-ask dynamics for readers' reference.

The Strongest Altcoin ETF in History Debuts

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 achieved 14 consecutive days of net inflows since its launch, with cumulative net inflows exceeding $136 million, absorbing approximately 0.9% of HYPE's total market cap. Among them, Bitwise's BHYP has net inflows of $82.96 million, becoming the world's largest HYPE ETF.

The performance of the HYPE spot ETF post-launch clearly shows the degree of traditional capital's fervor for Hyperliquid. Among the 12 U.S. crypto spot ETFs, by cumulative total net inflows, the HYPE spot ETF has become the fifth-largest crypto spot ETF, after BTC, ETH, XRP, and SOL spot ETFs, 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, with capital in crypto asset ETFs being reallocated.

BTC spot ETFs have seen net outflows for 12 consecutive days since May 15, with total outflows exceeding $2.43 billion in May, breaking the record of 8 consecutive days of net outflows set in early 2025; ETH spot ETFs have seen net outflows for 16 consecutive days since May 11, with total outflows exceeding $540 million in May. Even the BNB ETF (VBNB) launched by VanEck on Nasdaq on May 28 has had no net inflows for four consecutive days.

In this cycle, institutional and traditional capital's demand for exposure to ETFs like BTC and ETH has noticeably cooled, while their interest in HYPE is gradually strengthening. The level of FOMO even exceeds the data from the initial launch of BTC and ETH spot ETFs.

The HYPE spot ETF has absorbed nearly 1% of HYPE's market cap within two weeks of launch, surpassing the initial performance of BTC and ETH spot ETFs on a market cap percentage basis. According to SoSoValue data, BTC spot ETFs had net inflows of $1.46 billion in their first two weeks, absorbing only about 0.2% of BTC's market cap at the time; ETH spot ETFs even saw net outflows of about $400 million in their first two weeks; and SOL spot ETFs had net inflows of about $380 million in their first two weeks, absorbing only about 0.47% of SOL's market cap at the time.

The sustained inflows into the HYPE spot ETF provide solid support for HYPE's price.

Dual Support for HYPE Buying Pressure Offsets Unlock Selling Pressure

Beyond the ETF, Hyperliquid's protocol revenue is also a key support for HYPE buying pressure.

As early as early 2025, Hyperliquid introduced the Assistance Fund (AF) mechanism, stipulating that 97% of protocol transaction fees (perps + spot, etc.) would automatically enter the AF system address and continuously buy back HYPE. This ratio was later changed to 99%. This mechanism allows HYPE to effectively capture the value of the Hyperliquid protocol while also providing important support for HYPE's price.

Hyperliquid's daily protocol revenue ranges between $1 million and $3 million. Since the AF mechanism was implemented, it has cumulatively bought back over $1.1 billion worth of HYPE. Although the cumulative net inflows of the HYPE spot ETF are less than the AF's buybacks, its growth rate is fast. In just half a month, net inflows have reached one-tenth of the AF buyback volume, with the highest single-day net inflow on May 29 reaching $31.62 million.

Now, the addition of the HYPE spot ETF will provide dual support for HYPE, thereby offsetting the selling pressure from team token unlocks.

Since January 2026, the official team token unlock schedule adopts a monthly one-time unlock method, fixed on the 6th of each month. On June 6, tokens worth $38.7 million will be unlocked in one go, but this may not cause significant selling pressure in the market.

Another important characteristic of ETF buying is that the investors behind it may not understand tokenomics or may never have directly operated DeFi protocols; they simply seek exposure to HYPE. Therefore, ETF investors are also less sensitive to token unlocks. As long as the project's fundamentals do not change drastically, token unlocks will not suppress buying pressure.

Meanwhile, 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. The Hyperliquid ETF ticker is Grayscale Hyperliquid Staking ETF (HYPG), and trading is scheduled to officially begin on June 4.

HYPE will usher in deeper liquidity, stronger institutional participation, and continuously generated incremental buying pressure.

Are Institutions More FOMO Than Retail Investors?

The level of FOMO among institutions for HYPE is no less than that of retail investors. They simultaneously publicly express bullish views on HYPE while using real money to fuel its rise.

a16z May Have Become HYPE's Largest External Holder

Starting in August 2025, a16z began its large-scale HYPE accumulation mode. According to monitoring by crypto analyst Ai Yi @ai_9684xtpa, a16z may have become the sixth-largest holder of HYPE on-chain and the largest external holder. The top five addresses on the HYPE chain 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 address 0x4c6, associated with a16z, withdrew 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 address 0xb5E, associated with a16z, bought another 226,121 HYPE, and since April 14, this address has cumulatively bought 3.9 million HYPE at an average purchase price of about $49.4.

Besides a16z, Galaxy Digital is also accumulating HYPE. On June 3, according to Lookonchain's monitoring, Galaxy Digital withdrew 179,000 HYPE from Coinbase, worth approximately $12.62 million. On May 21, its another associated wallet also bought 158,100 HYPE, worth about $8.8 million.

Institutions no longer view HYPE as a common altcoin. Bitwise CIO Matt Hougan stated that HYPE is not just an altcoin but a "second-generation" cryptocurrency, as it possesses real value capture, buybacks, and institutional demand.

At the same time, institutions have elevated Hyperliquid's positioning from a Perp DEX to a blockchain financial infrastructure platform. Grayscale stated in a report that Hyperliquid could even potentially challenge traditional derivatives trading and exchange systems in the future and grow into a "financial services giant."

HYPE DAT Company Selected for Russell 3000 Index

As the U.S. stock DAT concept cools and the sector leader Strategy also begins selling coins, with the rising price of HYPE, DAT companies betting on HYPE continue to see unrealized gains. (Related reading: DAT Failing? Companies Betting on HYPE See Unrealized Gains of $1.25 Billion)

Most noteworthy among them is Hyperliquid Strategies (NASDAQ: PURR). According to official data, it currently holds a total of 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 released the preliminary list for the June 2026 Russell 3000 Index reconstitution. PURR appeared on the additions list for the Russell 3000 Index, with the change expected to take effect on June 26.

PURR appears on the additions list for the Russell 3000 Index.

The Russell 3000 Index is also one of the broadest stock indices in the U.S. market, covering approximately the 3,000 largest U.S. publicly traded companies, effectively encompassing almost the entire U.S. stock market. It undergoes a major annual adjustment in June. A large number of index funds, pension funds, and ETFs track this index, with FTSE Russell disclosing that approximately $10.6 trillion in assets use the Russell U.S. Indices as benchmarks.

If PURR is indeed included in the Russell 3000 Index, it will not only receive passive fund allocation but also gain increased visibility. To help investors gain more HYPE exposure, they might in the future follow Strategy's "borrow-to-buy" model, thereby becoming another solid source of buying support for HYPE.