Hyperliquid’s HYPE token has reclaimed the $70 mark after dropping to the $68 level on Wednesday.
The slight decline comes two days after Hyperliquid hit a new all-time high of $76.
The institutional inflow suggests that buying pressure for Hyperliquid persists, which could push its price higher in the near term.
ETF demand continues to push HYPE higher
A key catalyst behind HYPE’s rally over the past few days was institutional demand from asset manager Bitwise, which purchased approximately 77,100 HYPE tokens worth about $5.2 million to support its newly launched Bitwise Hyperliquid ETF.
Institutional inflow into Hyperliquid ETFs continues to increase.
According to CoinGlass’s ETF page, Hyperliquid recorded an inflow of $202,421 on Wednesday, bringing the weekly inflow total to $30.375 million.
Beyond price action, activity across the Hyperliquid ecosystem continues to expand rapidly.
Data from CoinGlass shows Hyperliquid now accounts for about 8.3% of global perpetual futures open interest, with total open interest rising above $9.6 billion.
Annualized protocol revenue has also surpassed $1 billion, further supporting ongoing buybacks.
A major driver of recent attention has been 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 are required to stake significant amounts of HYPE—estimated at around $33.5 million per market—to launch permissionless synthetic trading venues.
This mechanism has created additional structural demand by locking up tokens while new markets continue to emerge.
Meanwhile, trading activity in synthetic products tied to the S&P 500, Nasdaq-100, and crude oil signals that Hyperliquid is evolving into a broader multi-asset trading platform rather than remaining focused solely on crypto derivatives.
HYPE price analysis: Bullish momentum still intact
The HYPE/USD 4-hour chart remains bullish despite Hyperliquid losing 3% of its value in the last 24 hours.
From a technical standpoint, HYPE’s breakout remains strong, though traders are now watching for signs of exhaustion or continuation.
The momentum indicators suggest that the bulls are still in control.
The 4-hour Relative Strength Index reads 66, suggesting that HYPE is not yet in the overbought region, leaving room for further rally.
The Moving Average Convergence Divergence (MACD) is also within the positive zone, adding further confluence to the bullish bias.
If the rally persists, HYPE could surge past the $76 level and set a new all-time high around the $82.21 zone.
A decisive break above this level could pave the way for HYPE to hit the $90 for the first time in its history.
The $70 level, once resistance, has now flipped into a key support zone that will determine whether the breakout remains valid.
If the market correction persists and the $70 support fails, HYPE could extend its decline towards the 4-hour TLQ and demand zone at $64.21.
With strong institutional demand, aggressive buyback mechanics, and expanding ecosystem activity, market sentiment remains firmly bullish.
If momentum holds above $70, analysts are increasingly focused on a potential continuation toward the $82–$90 zone, with further upside possible if ecosystem growth and trading activity persist.
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