Hyperliquid's HYPE Closes In on Record High as Institutions Step Up Buying
Hyperliquid's HYPE token is edging back toward its all-time high after gaining nearly 119% year to date. CoinMarketCap data shows HYPE touched $58.9 early Thursday before slipping to about $57.6, leaving it roughly 2.5% below the record peak set in September 2025.
The token has continued to outpace major cryptocurrencies such as Bitcoin and Ethereum in 2026. The rally has lifted HYPE to the 10th-largest cryptocurrency by market value, pushing past established names including Zcash and Cardano.
On-chain indicators point to rising institutional participation and ongoing whale accumulation. Lookonchain reported that two wallets linked to Grayscale bought and staked 510,387 HYPE over the past week, valued at about $24.95 million. The purchases follow Grayscale's January filing of an S-1 registration statement for a potential HYPE ETF.
Other large buyers have also been active. A wallet said to be connected to Galaxy Digital acquired more than 158,000 HYPE, worth nearly $9 million, over the past several hours. Separately, a newly created wallet withdrew over 500,000 HYPE from Coinbase within two days, a move valued close to $30 million.
Another whale, suspected to be tied to a16z, has accumulated sizable exposure as well. Lookonchain said a wallet linked to a16z bought an additional 372,000 HYPE (about $16.91 million) in the past three hours. Since April 14, the wallet has purchased a total of 2.11 million HYPE, valued at roughly $90.87 million.
Bitwise CIO Matt Hougan argued investors may be underestimating Hyperliquid by treating it purely as a crypto platform rather than financial infrastructure aimed at the broader global asset market. In a Tuesday post on X, Hougan said Hyperliquid's addressable opportunity extends well beyond the roughly $3 trillion crypto economy and is closer to the approximately $600 trillion global asset market.
His comments come as institutional interest rises alongside new ETF launches tied to the platform. Bitwise listed a Hyperliquid ETF on the New York Stock Exchange last week, and 21Shares introduced a related product on Nasdaq. SoSoValue data shows Hyperliquid ETF products drew more than $25 million in net inflows and exceeded $58 million in net assets as of Wednesday, with trading volume topping $41 million.
