Hyperliquid Token Surges 240% as Whale Buying and Institutional Exposure Soar
The Hyperliquid (HYPE) token has seen significant growth in recent months, reaching a price of $85 from a low near $50. This represents a 240% rally for early investors who entered at lower prices.
A mystery whale purchased 343,000 HYPE tokens worth approximately $29 million and has staked the full holding, indicating a long-term position rather than a short-term trade. On-chain tracker Lookonchain reported this transaction, highlighting the whale's commitment to the asset.
The growing institutional exposure to Hyperliquid ETFs is also contributing to the token's price increase. According to 13F data compiled by Bloomberg ETF analyst James Seyffart, 30 institutions hold a combined $74.9 million in Hyperliquid ETFs as of June 30. UBS and Jane Street are among these institutions, with notable holdings.
The Hyperliquid token also entered the Hashdex Nasdaq Crypto Index US ETF with a 3.4% weight, making it one of the largest holdings behind Bitcoin, Ethereum, XRP, and Solana. Traders are watching the $105 level as the next key price target for HYPE.