Hyperliquid’s HYPE token has reached a new all-time high of $76.70 on the back of a plethora of developments.
According to data from CoinGecko, HYPE climbed nearly 10% over the past 24 hours and touched a record $76.70 on June 16 before settling near $75 at press time.
The token has gained roughly 46% over the past week and more than 90% over the last month, extending a rally that has carried it into the ranks of the largest digital assets by market value.
Fresh buying pressure arrived after asset manager Bitwise purchased approximately 77,100 HYPE tokens worth about $5.2 million to support its recently launched Bitwise Hyperliquid ETF.
The purchase landed as the token was already approaching a key breakout area, adding spot demand to a market where circulating supply has been steadily reduced through Hyperliquid’s buyback system.
Under the protocol’s fee model, 97% of trading fees are directed toward buying and burning HYPE.
As the token moved above the closely watched $70 level, traders betting against the rally were forced to close positions, triggering a series of short liquidations that accelerated the advance toward a new high.
At the same time, activity across the Hyperliquid ecosystem has continued to expand.
Data from CoinGlass shows Hyperliquid recently accounted for about 8.3% of global perpetual futures open interest, with total open interest rising above $9.6 billion.
The same data indicates annualised protocol revenue has surpassed $1 billion, providing additional fuel for the buyback mechanism that continuously purchases HYPE from the open market.
Much of the recent attention has centered on the platform’s SpaceX pre-IPO perpetual futures contract, which generated roughly $1.2 billion in trading volume over the past week.
Under Hyperliquid’s HIP-3 framework, developers must stake substantial amounts of HYPE, estimated at roughly $33.5 million worth per market, to launch permissionless synthetic trading venues.
Such requirements have created another source of demand by locking up large amounts of HYPE while new markets are launched across the platform.
Recent trading activity in synthetic products linked to the S&P 500, Nasdaq-100, and crude oil has further strengthened the narrative that Hyperliquid is evolving into a multi-asset trading venue rather than remaining focused solely on crypto derivatives.
Elsewhere in the ecosystem, Ventuals, one of the earliest external teams building on Hyperliquid, announced plans to shut down its on-chain pre-IPO platform and merge its team into another Hyperliquid-based project.
Crucially, Ventuals froze its flagship markets (including its OPENAI and ANTHROPIC synthetic pre-IPO pairs) and is returning deposited HYPE tokens directly to users.
This has freed up a substantial amount of native liquidity within the active community, minimising localised selling pressure and keeping capital locked inside the ecosystem.
Regulatory developments have added another supportive factor.
Commodity Futures Trading Commission Chair Michael Selig recently defended the approval of perpetual futures products through regulated US venues, comments that several market participants viewed as favorable for the decentralised derivatives sector.
HYPE price analysis
While the fundamental backdrop has strengthened considerably, technical indicators suggest traders are now watching whether HYPE can extend its move deeper into price discovery.
On the 4-hour chart, HYPE has already reached and briefly exceeded the 1.618 Fibonacci extension level near $76.07 after hitting its all-time high at $76.70.
HYPE/USDT 4-hour price chart. Source: TradingView.
Bollinger Bands remain in expansion mode, while price continues to trade above the upper band, a sign that momentum remains firmly with buyers.
With the 1.618 target fulfilled, the next major Fibonacci levels stand near $86.21 at the 2.618 extension and $96.35 at the 3.618 extension.
A more aggressive continuation could expose the 4.236 extension near $102.61, although the rally would likely need fresh buying demand and sustained trading activity to reach that area.
On the daily chart, HYPE is currently trading between the 0.5 and 0.618 retracement levels after breaking into new territory above previous highs.
HYPE/USDT 1-day price chart. Source: TradingView.
Daily Bollinger Bands have continued to widen, which is a sign that volatility is expanding alongside the trend rather than contracting.
From a higher-timeframe perspective, the next notable Fibonacci levels appear around $82.21 and $90.26.
The targets align relatively closely with the 4-hour extension levels, creating a technical zone between roughly $82 and $90 that could become the market’s next area of focus if the current advance remains intact.
Beyond that range, the daily 1.618 Fibonacci extension sits near $113.48.
While reaching that level would require another substantial leg higher, continued demand and the uptick in ecosystem activity have kept traders focused on upside targets rather than resistance levels.
For now, the breakout structure remains intact as long as HYPE holds above the former resistance area around $70, which has now emerged as a key support zone following the latest surge.
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