HYPE Token Surges to Record High Amid Institutional Demand
Hyperliquid's HYPE token has broken through to an all-time high of $89.67, as institutional demand for the asset appears to be accelerating. The surge comes after a powerful run, with HYPE gaining about 7.7% over the past week and 60.7% in 30 days. Over six months, the token has increased by 175.9%. According to Coinbase market data, trading volume reached about $629 million on September 7th.
Fueling this move is renewed buying through Bitwise's Hyperliquid ETF, BHYP. Arkham data showed that the fund added $10.5 million of HYPE on Friday after four consecutive days without purchases, making it its largest buying day since a $23.2 million purchase on August 27th.
Bitwise has now bought roughly $166.3 million of HYPE since launch, making BHYP the largest HYPE ETF by holdings. Wall Street names such as UBS and Jane Street are showing up in HYPE ETFs, with institutional ownership growing rapidly. Analyst James Seyffart highlighted second-quarter 13F filings showing a growing roster of professional investors holding Hyperliquid ETFs.