HYPE 創歷史新高，機構 ETF 資金湧入超過 1 億美元

Overview

In May 2026, Hyperliquid's native token, HYPE, repeatedly hit new all-time highs, peaking at $73.48 and pushing its market cap above $150 billion, momentarily overtaking Dogecoin to become the ninth-largest cryptocurrency globally. Simultaneously, the spot HYPE ETFs from Bitwise and 21Shares, listed in the US, attracted over $100 million in net inflows within just the first 10 trading days, setting a record for all altcoin ETF launches in 2026. Grayscale has also filed an application shortly after. This article will break down the multiple driving forces behind HYPE's recent rally, assess risk factors, and provide reference information for interested investors.

Key Takeaways

HYPE reached an all-time high of $73.48 on May 31, 2026, with a year-to-date increase of over 146%.

Bitwise's BHYP ETF launched on the New York Stock Exchange on May 15, quickly surpassing $62.9 million in AUM to become the world's largest HYPE ETF.

The combined net inflows of 21Shares' THYP and Bitwise's BHYP exceeded $100 million within just 10 trading days.

Grayscale submitted its fourth amended application with a seed investment of approximately $115 million, officially entering the race for the HYPE ETF market.

The CFTC approved the first regulated perpetual contract in the US, directly benefiting Hyperliquid’s path to regulatory compliance.

The protocol generates an annualized revenue of approximately $800 million to $1 billion, with about 97%-99% of fee revenue used to buy back and burn HYPE tokens.

Why HYPE Hit an All-Time High Now

Multiple On-Chain Metrics Simultaneously Reached Highs

According to a report by Coinpedia, HYPE's recent rally is not purely sentiment-driven but supported by solid fundamentals. On-chain data for the Hyperliquid platform has reached all-time highs across the board: cumulative HyperEVM transaction fees surpassed 295,800, total on-chain trading volume exceeded $4.15 trillion, and the protocol's cumulative revenue has exceeded $1.187 billion.

Hyperliquid's business model is highly unique: the protocol uses approximately 97%–99% of its trading fees to continuously buy back and burn HYPE tokens through market operations. This means the higher the platform's trading volume, the more the circulating supply of HYPE is compressed. CryptoSlate's analysis points out that Hyperliquid's buyback model directly converts volume growth into supply compression. Concurrently, three competing ETF products vying for the limited circulating supply have further amplified the effects of this mechanism.

CFTC Formally Opens the US Perpetual Contract Market

Another key catalyst for HYPE's rally came from the regulatory front. CFTC Chairman Mike Selig formally approved the first regulated perpetual contract in the US, explicitly describing this move as bringing crypto perpetuals "into regulated exchanges, ensuring customer protection and market integrity." This decision opened the door for Hyperliquid to collaborate with US institutions within a compliant framework. A report by news.bitcoin.com listed this as one of the core drivers for the recent price breakout.

Arthur Hayes: HYPE's Market Cap Should Surpass Solana

BitMEX co-founder Arthur Hayes publicly stated on June 1, 2026, that HYPE's market capitalization should "at least" surpass that of Solana. This statement sparked widespread discussion in the market, further strengthening bullish sentiment. Moreover, according to the latest updates compiled by CoinMarketCap, HYPE overtook Dogecoin at the end of May to become the ninth-largest cryptocurrency by market cap.

ETF Race: Institutional Capital is Repricing HYPE

Bitwise BHYP: The World's Largest HYPE ETF

Bitwise Asset Management officially launched the Bitwise Hyperliquid ETF (BHYP) on the New York Stock Exchange on May 15, 2026. It was one of the first spot HYPE ETFs to trade in the US and is the only one that stakes its holdings internally. Bitwise, through its Bitwise Onchain Solutions arm, executes proprietary staking of its HYPE holdings, providing holders with additional staking yield exposure.

BHYP has a management fee rate of 0.34%, but waives all fees for the first $500 million in AUM during the first month. Notably, Bitwise has committed to using 10% of its fee revenue to repurchase HYPE tokens, deeply aligning its interests with the Hyperliquid community.

According to a report by Bitcoin World, by May 26, 2026, BHYP's AUM had reached $62.9 million, with an average daily trading volume of $19.8 million and cumulative net inflows of $56.9 million, making it the world's largest HYPE ETF. Combined with data from ETFdb, BHYP subsequently surpassed $60 million in AUM, and together with 21Shares' THYP, the total listed assets under management for the two products in the US approached $120 million.

21Shares THYP: Earliest Listing with Continuously Rising Volume

21Shares was the first to launch THYP on the Nasdaq on May 12, 2026, with a management fee of 0.30%. It stakes through Figment and distributes staking rewards on a 70/30 basis, with the first distribution scheduled for June 2026. Bloomberg ETF Senior Analyst Eric Balchunas noted in a report by The Block that THYP's trading volume has been steadily increasing since its launch, with one day seeing about an 8-fold increase compared to its first day, "which is a strong signal of genuine organic demand."

Grayscale Enters with $115 Million Seed Capital

An exclusive report by The Block revealed that Grayscale is negotiating a seed investment of approximately 2 million HYPE tokens (about $115 million). It submitted the fourth amended application for its GHYP fund on May 22, 2026, receiving Nasdaq certification. Grayscale characterized Hyperliquid as a "giant enterprise in the financial services field," citing its 2025 revenue of approximately $800 million, perpetual contract trading volume of $2.9 trillion, and open interest of approximately $100 billion as supporting evidence.

Kairos Research data compiled by SpotedCrypto further compares the initial performance of HYPE ETFs: adjusted for market cap share, HYPE ETFs absorbed 1.04% of the token's market cap in the first 10 trading days. This is 1.76 times the ratio of Bitcoin ETFs (0.59%) during the same period, and 3.3 times that of Solana ETFs (0.31%)—setting a historical record for the initial launch phase of spot crypto ETFs in the US.

Hyperliquid's Fundamentals: Does Protocol Strength Support the Valuation?

Hyperliquid operates on its self-developed Layer-1 blockchain, using the HyperBFT consensus mechanism. It can process approximately 200,000 orders per second with sub-second latency, and its order book is fully on-chain. As of early 2026, Hyperliquid's market share in the perpetual contract DEX space had risen from 36.4% to 44%, making it the only major platform among similar protocols to achieve positive market share growth. This trend is documented in an analysis by yellow.com.

Data cited by Grayscale indicates that Hyperliquid generated approximately $800 million in protocol revenue in 2025, with an annualized revenue projection for 2026 estimated between $800 million and $1 billion. The protocol has also launched HIP-3 (allowing any user to create perpetual contract markets) and HIP-4 (introducing on-chain prediction markets), continuously expanding its addressable market. In March 2026, S&P Dow Jones Indices authorized Trade[XYZ] to offer S&P 500 perpetual contracts on Hyperliquid for non-US qualified investors, marking a significant recognition of Hyperliquid's infrastructure by mainstream financial institutions.

Want to trade HYPE on MEXC? The platform offers deep liquidity and a variety of trading tools suitable for investors with different risk appetites.

Risk Factors: Potential Pitfalls Not to Be Ignored

Token Unlock Pressure: Tokenomist data shows that approximately 9.92 million HYPE tokens (about 2.54% of circulating supply, valued at roughly $684 million) will be unlocked for core contributors on June 6, 2026. This is the single largest upcoming unlock event in the near term. While the absolute percentage is relatively manageable, the timing is sensitive and market reactions warrant close monitoring.

Regulatory Uncertainty: Although the CFTC's new policy opens a compliance path for Hyperliquid, there is debate over whether the protocol's current IP geoblocking measures meet regulatory compliance requirements. A research report by yellow.com points out that protocol-level IP blocking does not constitute a sufficient compliance basis under the CFTC's historical enforcement standards, making this legal exposure significant.

Competitive Landscape: As traditional derivatives exchanges and CEXs gradually enter the on-chain derivatives space, whether Hyperliquid can maintain its first-mover advantage remains an open question.

How to Participate in the HYPE Market

For investors looking to directly hold HYPE spot, MEXC offers HYPE spot and futures trading with a wide range of trading pairs and deep liquidity. For institutional or individual investors preferring compliant channels, BHYP (NYSE) and THYP (Nasdaq) are the two currently listed spot ETFs. Grayscale's GHYP, pending SEC approval, represents the next crucial observation point.

Exclusive Insight from the MEXC Crypto Pulse Research Team

What makes this HYPE rally unique is that it is not driven by a single narrative but by the convergence of three logics: fundamentals, regulatory catalysts, and institutional capital. Historically, most altcoin ETFs have seen very limited incremental demand post-launch. However, HYPE ETFs absorbing 1.04% of the token's market cap within 10 trading days signals strong market recognition of Hyperliquid as "on-chain financial infrastructure," rather than mere speculative activity.

Notably, the protocol's buyback mechanism creates a unique positive feedback loop: higher trading volumes lead to larger buybacks and greater token scarcity, which in turn attracts more volume. This structure resembles a combination of "stock buybacks and high dividends" in traditional finance, a rarity in the crypto market.

However, we believe several points warrant cautious consideration. First, the large token unlock on June 6 is the most direct short-term downside risk. Second, whether capital inflows can be sustained after the fee waiver window for ETFs ends is a key indicator for testing genuine institutional demand. Third, the CFTC's regulatory direction remains the biggest variable for the protocol's long-term development. Investors should make decisions based on their own risk tolerance after fully understanding the risks involved.

FAQ

Q1: What is Hyperliquid (HYPE)?

Hyperliquid is a Layer-1 blockchain primarily designed for decentralized derivatives trading. It uses its proprietary HyperBFT consensus mechanism, supports perpetual contracts, spot trading, and native asset issuance, and is characterized by high throughput and a fully on-chain order book.

Q2: What is the difference between BHYP and THYP?

Bitwise BHYP listed on the NYSE on May 15, 2026, with a management fee of 0.34% (waived for the first month). It employs proprietary staking and uses 10% of its fee revenue to buy back HYPE. 21Shares THYP listed on the Nasdaq on May 12, 2026, with a management fee of 0.30%. It uses third-party staking through Figment, distributing staking rewards on a 70/30 basis, with the first distribution expected in June 2026.

Q3: When will Grayscale's HYPE ETF be approved?

As of the writing of this article, Grayscale has submitted its fourth amended S-1 application, which has been certified by Nasdaq, and is awaiting final SEC approval. The application also includes arrangements for approximately $115 million in seed investment. There is no official announcement regarding the specific timeline for approval.

Q4: How much selling pressure will the HYPE token unlock create?

According to Tokenomist data, approximately 9.92 million HYPE tokens will be unlocked for core contributors on June 6, 2026, accounting for about 2.54% of the circulating supply. While the absolute percentage is relatively manageable, the market value of the unlock is approximately $684 million at current high prices, so investors should remain vigilant.

Q5: How to buy HYPE on MEXC?

You can visit MEXC, register an account, complete the KYC verification, and then search for the HYPE/USDT trading pair in the spot market to make a purchase.

Q6: What are the ways to hold HYPE?

The main avenues include: (1) Buying spot tokens on centralized exchanges like MEXC; (2) Holding tokens on the native Hyperliquid platform; (3) Gaining indirect exposure through compliant ETF channels (BHYP or THYP).

Disclaimer

This article is for informational purposes only and does not constitute investment advice or financial guidance. The cryptocurrency market is highly volatile, and investors may lose their entire principal. All price data mentioned herein is based on market information at the time of writing and does not represent future performance. Before making any investment decisions, please consult a professional financial or legal advisor and conduct your own due diligence based on your risk tolerance.