Market analyst Aletheia released a report on Wednesday, taking a close look at the first six days of trading for Hyperliquid ETFs launched by 21Shares and Bitwise. The analysis focuses on how early inflows are stacking up across major crypto assets and what those moves may signal for demand going forward. First Six Days Under The Microscope In market-cap-adjusted terms, Aletheia found that the Hyperliquid ETFs generated more flows than Bitcoin (BTC) on three of the first six trading days. The same comparison also showed strength versus Ethereum (ETH): Hyperliquid’s ETF products logged higher inflows than Ethereum on five out of six days. Related Reading: Bitwise Bullish on Hyperliquid: HYPE Labeled ‘Undervalued’ As It Rallies 20% The Solana (SOL) spot exchange-traded fund sector produced a different picture. According to the report, Solana posted higher market-cap-adjusted flows than Hyperliquid on four of the first six trading days. On Tuesday, however, Hyperliquid spot ETFs recorded materially stronger inflows than any of their peers. The analyst emphasized that it’s still too early to say whether this spike is the start of a sustained trend, or whether it reflects a short-term burst of demand that may normalize over the coming days. Hyperliquid Near Bull-Run Highs Beyond the raw inflow numbers, the report reveals another layer: the Hyperliquid spot ETFs are competing with the Assistance Fund — the platform’s economic structure for token buybacks — in terms of market buying pressure. In the first six trading days, the ETFs bought 2.5 times as much HYPE as the Assistance Fund bought and burned. The “burning” element is important context, since it differs from a straightforward accumulation mechanism. Still, when the discussion is framed around buying pressure and market impact, Aletheia argues that the ETFs are clearly adding to the fuel. Related Reading: Solana ETF Falls Behind As XRP Collects More Cash—Here’s The Catalyst Driving The Split The combination of ETF-driven activity and increasing token demand has moved Hyperliquid close to current price peaks of $59 reached during last year’s bull run. Data from CoinGecko shows the altcoin trading at $51.88 when writing is up 33% over the past week alone. At this level, the token is only 12% below its current record, leaving room—at least in relative terms—for a potential “discovery” phase if the ETF-related inflows continue to build. Featured image created with OpenArt, chart from TradingView.com
Bitwise Chief Investment Officer Matt Hougan issued a strongly bullish view on Hyperliquid and its native token, HYPE, shortly after Bitwise launched a HYPE exchange-traded fund (ETF) last week. In his comments, Hougan argued that the market is mispricing Hyperliquid’s broader business model—treating it as essentially just another perpetual futures venue. Hyperliquid As A Global Super App Hougan said Hyperliquid appears to be caught in what he described as a “pricing error,” with investors valuing the platform as little more than a perpetual futures exchange. In contrast, he framed Hyperliquid as a global financial “super app,” one that is moving beyond the boundaries of crypto and expanding into areas such as stocks, commodities, foreign exchange, and prediction markets. Related Reading: The Bitcoin Meltdown: What’s Behind The Drop To $76,000, And What’s Next As part of his valuation perspective, Hougan estimated the platform’s annual revenue could be in the range of about $800 million to $1 billion, suggesting room for the business to scale well beyond how it’s currently categorized by the market. A key element of Hougan’s case involves Hyperliquid’s fee model. He pointed to a structure in which 99% of trading fees are directed toward HYPE token buybacks, describing it as a mechanism that helps support value rather than simply extracting revenue without a token-linked benefit. That, he said, aligns incentives in a way that differs from what investors may be assuming when they treat Hyperliquid as a standard trading platform. HYPE Approaches All-Time Highs Hougan also emphasized that HYPE’s recent performance does not change his view that the token remains undervalued. He noted that HYPE is up by 77% this year, yet he believes the market still hasn’t fully credited Hyperliquid’s long-term trajectory. In his view, Hyperliquid’s real opportunity is not just to grow as a rapidly expanding crypto perpetual exchange, but to evolve into a broader trading super app spanning stocks, pre-IPO assets, commodities, prediction markets, and crypto assets. Related Reading: Zcash, Bitcoin, And Solana—Catalysts Ahead That Could Fuel Another Upswing Before May Ends The bullish remarks come as interest in HYPE gained another boost from ETF activity. Along with Bitwise’s launch of a Hyperliquid ETF tied to HYPE, 21Shares introduced its own HYPE ETF earlier in the month. Following those launches, HYPE surged—recording massive gains of nearly 20% in the past week alone. At the time of writing, HYPE was trading just above the key $48 mark, only 18% below all-time high levels of $59 reached last year. Featured image created with OpenArt, chart from TradingView.com
The first Hyperliquid (HYPE) ETF debut in the US on Tuesday drew attention quickly after the fund reportedly logged more than $1 million in inflows on day one. However, trading conditions changed fast. On Wednesday, HYPE’s price fell about 4%, sliding to roughly $38 as the broader crypto market stayed under pressure throughout the week and extended the downturn. Failed Attempts At $45 Despite the near-term weakness, one analyst believes the altcoin still has a clear path to substantially higher levels once the current market cycle improves. In a Wednesday post on social media site X (formerly Twitter), market analyst McKenna argued that HYPE’s recent movement resembles a local top on the altcoin’s daily chart. Related Reading: First Hyperliquid ETF Launch: Day One Volume Hits $1.8M–Key Details According to the analysis, HYPE has tried twice to break above the closest resistance level around $45, and failed both times. McKenna pointed to what he described as a “large range” forming between roughly $35 and $50, suggesting the token may remain trapped in that band for a while as traders accumulate again. The broader weakness in the Hyperliquid token could be linked to the continuing bear-market narrative. With Bitcoin (BTC) not showing a convincing breakout from current levels, the bear thesis is still playing out. Two Views On Hyperliquid Looking further ahead, McKenna’s outlook is significantly more optimistic on a fundamentals-based horizon. He said he expects HYPE to eventually push into “three digits” before summer 2027. If Hyperliquid were to hit $100 in the coming year, that would be an increase of over 163% from current trading levels and almost double HYPE’s current price record from the previous year’s bull run, when the cryptocurrency reached about $59. Related Reading: Coinbase CEO Unpacks The Crypto Bill’s Biggest Promise For The US Financial System Still, the near-term picture may be even more challenging. Another analyst, Umair Orakzai, warned on X that the chart signals are turning increasingly bearish. Orakzai said the trendline has “broken,” and that the appearance of large candles indicates the trend is no longer intact—adding that “panic” may be starting to spread. He suggested that the “real panic” could begin if HYPE falls below $38.8. For the moment, Hyperliquid investors should focus on $35 as the next major support level. If that floor gives way, levels not seen since March—around $29—could follow. Featured image created with OpenArt, chart from TradingView.com