Hyperliquid (HYPE) is currently trading near $71.82, up 4.4% in 24 hours, as bulls attempt a third breakout above the $76.70 all-time high. According to market reports, the token has gained roughly 250% from its January low near $20.50. The daily chart shows HYPE has been in an upward trend since January, with the mid-June correction from the record high stopping at the 0.382 Fibonacci retracement near $55.41. Each correction has been shallower than the last, suggesting strengthening demand, while user activity remained resilient through the deepest pullbacks. The latest pullback ended at the shallower 0.236 Fibonacci level at $63.66, indicating continued market strength.
Hyperliquid crossed $1 billion in cumulative protocol revenue on June 30, according to DeFiLlama data. The platform reportedly recorded $1.34 trillion in trading volume and $320 million in revenue in the first half of 2026. The July 6 unlock of 9.92 million HYPE, worth around $645 million, met a buyback fund reportedly holding 4.6 times that amount. Institutional access is expanding with Bitwise's BHYP and 21Shares' THYP listed as the first US spot HYPE ETFs in mid-May, with combined net inflows passing $170 million by early July. The Bitwise 10 Crypto Index ETF (BITW) added HYPE with a 0.95% weighting on July 7, 2026, following strong trading activity that pushed HYPE into Bitwise's top large-cap crypto basket. Crypto.news reported that HYPE ETFs crossed $100 million in cumulative net inflows as traditional finance investors increased exposure to Hyperliquid.
Core contributor vesting releases new HYPE tranches on the sixth of every month through 2027, with only around 22% of the 1 billion maximum supply circulating today. The Monetary Authority of Singapore (MAS) added Hyperliquid to its Investor Alert List in late June, joining earlier UK warnings. CME and ICE executives have urged the Commodity Futures Trading Commission (CFTC) to review the platform's commodity perpetuals, with HYPE falling about 6% on that report. Macro conditions add friction as US spot Bitcoin ETFs posted a record $4.5 billion June outflow, and sentiment sits in Extreme Fear. Dilution remains a recurring headwind with the next unlock scheduled for the end of July.
The 4-hour chart shows price coiling in a contracting triangle since the June 16 peak, with HYPE currently pressing the pattern's upper boundary near $72. The daily Relative Strength Index (RSI) has cooled to about 60 while maintaining a bullish structure. A 4-hour close above the triangle, followed by a daily close above $76.70, would start price discovery with the triangle's height projecting a measured move near $88. In contrast, rejection at the record high would expose $63.66 first, then $55.41, with a daily close below $63.66 signaling a deeper reset. The next pullback pattern suggests continued market strength with each correction showing shallower depth than previous ones.
