Bitwise Resumes Buying Hyperliquid Tokens, Accumulates $166M

Bitwise's BHYP fund has resumed buying Hyperliquid tokens after a four-day pause in purchases. The $10.5 million purchase on Friday was the largest daily addition since August 27, when BHYP bought $23.2 million worth of HYPE. This brings the total accumulated by Bitwise to $166.3 million since launch, making it the largest HYPE ETF by reported size.

The recent buying activity is part of a larger trend of institutional accumulation in HYPE. The Hyperliquid token has seen significant demand from regulated products, with BHYP being one of the leading buyers. This demand is complemented by Hyperliquid's fee-funded burns, which permanently remove tokens from circulation and reduce supply.

The current setup shows two verifiable flows operating together: BHYP providing regulated accumulation and Hyperliquid's fee mechanism removing token supply permanently. While the latest burn alone does not automatically raise market valuation, it can matter over longer market periods when combined with ETF demand absorbing additional coins.