Hyperliquid Hype Continues Amid Regulatory Scrutiny

Hyperliquid's HYPE token has surged 94% in three months and reached a record high after the launch of its first U.S. exchange-traded funds (ETFs). The token now trades at over $65 billion fully diluted value, according to CoinMarketCap data.

Michaël van de Poppe, founder and CIO of MN Capital and MN Fund, predicts that HYPE could reach $100 or more if demand for altcoins continues to strengthen. This comes as asset managers have launched U.S. ETFs tied to the token, with FalconX reporting combined inflows of $53 million in the first funds from 21Shares and Bitwise.

However, regulatory scrutiny is mounting, with CME Group and Intercontinental Exchange urging regulators to examine manipulation and sanctions-evasion risks on Hyperliquid.