Hyperliquid [HYPE] continued its strong performance by surging above $67 and entering fresh all-time-high territory, according to reports from AMBCrypto. The token's breakout above $67 required strong demand from buyers who have continued to absorb supply despite elevated valuations. This price discovery suggests sustained investor confidence in the project's fundamentals and future prospects. As per Crypto.news, HYPE is currently trading around $62.46, up 8.17% in 24 hours, with 24-hour volume exceeding $1.02 billion. The token remains near its May 26 all-time high of $64.44, suggesting the market viewed recent events as specific product-level risks rather than rejection of Hyperliquid's broader trading narrative.
Despite the rally, early holders began realizing substantial profits as reported by AMBCrypto. One Genesis participant who accumulated 1.5 million HYPE near $4.29 began locking in approximately $95 million in gains. The wallet previously withdrew 500,000 HYPE worth about $33 million, before transferring 211,001 HYPE valued at close to $13.8 million to Coinbase. However, the holder still controls 1.285 million HYPE worth over $85 million, limiting immediate supply expansion. Recent on-chain data shows Galaxy Digital withdrew 179,000 HYPE worth roughly $12.62 million from Coinbase within seven hours, removing a sizable amount of liquidity from exchanges. Wallet 0×6436 also withdrew another 135,824 HYPE worth $9.73 million, lifting its two-day accumulation to 399,730 HYPE or approximately $28.92 million.
Grayscale, a digital asset manager, launched a Hyperliquid Staking ETF under the ticker HYPG, expanding access to HYPE beyond crypto-native participants. Earlier HYPE investment products attracted roughly over $140 million in first-month inflows, indicating institutional demand already exists. The ETF removes friction by allowing traditional capital to access both price exposure and staking yield through familiar brokerage accounts, rather than requiring investors to interact with exchanges or on-chain infrastructure directly. However, ETF availability alone does not guarantee sustained inflows, with the key question remaining whether demand remains strong once the initial launch period passes.
A sophisticated whale opened a combined $12.8 million leveraged short position across HYPE and Lighter [LIT], as reported by AMBCrypto. The position includes 156,120 HYPE worth roughly $10.2 million at 10x leverage and 1.97 million LIT valued near $2.6 million at 5x leverage. At press time, these positions were already generating approximately $200,000 in unrealized losses as HYPE held above $65, suggesting some participants expect recent gains to cool down. The platform has processed over $176 billion in 30-day trading volume, with open interest exceeding $8 billion, highlighting concentrated nine-figure leveraged activity.
Notably, Wall Street participants are turning to Hyperliquid's 24/7 markets as geopolitical tensions rise or major economic news breaks over weekends. This shift helps explain the platform's rising activity as traders can gain exposure to crypto markets, the S&P 500, crude oil, and even pre-IPO assets without waiting for the week to start. Recent examples include oil traders reacting to Middle East developments over weekends, capturing moves that traditional exchanges could not accommodate. Since 12 May, cumulative ETF inflows have climbed dramatically from $1.17 million to $100.48 million, reflecting sustained investor demand. A Bitwise spot HYPE exchange-traded fund launched on May 12 attracted $58.73 million in initial inflows, while wallets linked to venture capital firm a16z accumulated over $90 million in HYPE.
