Bitwise Buying Spree Fuels HYPE Price Bounce

Bitwise, a prominent financial services firm, has been buying large amounts of Hyperliquid (HYPE) cryptocurrency in recent weeks. According to data from Arkham, Bitwise clients purchased over $5 million worth of HYPE in one week alone.

This development comes as ETF inflows for HYPE have also picked up, with total net inflows reaching $283.56 million by August 11. The buying activity has raised hopes that the token's price could see a boost.

However, Hyperliquid revenue has been slowing down, with July's revenue falling to $47.58 million from June's record high of $70.92 million. This has led to questions about the network's long-term sustainability.