Hyperliquid's HYPE token climbed over 20% in 24 hours to approximately $61.35, according to The Block's price tracking data. The surge occurred as Wall Street's appetite for Hyperliquid exposure accelerated following the launch of spot HYPE exchange-traded funds from Bitwise and 21Shares earlier in the month. This rally marked HYPE as the best-performing cryptocurrency in the top-100 by market capitalization on Thursday, significantly outpacing other notable gainers like Mantle's MNT (up 9%), Zcash (ZEC, up 7%), and Worldcoin (WLD, up 8%), while larger cryptocurrencies including Bitcoin, Ether, and XRP remained mostly flat with declines under 1%.
The HYPE token had previously peaked near $58.50 in September before declining to $21 at the start of 2026. Institutional demand for HYPE exposure through ETF products has been particularly strong since the funds' debut.
ETF Inflows Accelerate Institutional Interest
U.S. spot Hyperliquid ETFs attracted a record $25.5 million in new inflows on Wednesday, according to The Block's data, bringing cumulative inflows to approximately $54 million over their first seven trading days. The 21Shares Hyperliquid ETF, trading under ticker THYP, led daily inflows with $16.7 million, while Bitwise's BHYP added $8.8 million.
Peter Chung, head of research at Presto Research, noted that institutional participation is notably strong. "Institutions appear to be seizing the opportunity. Early data shows they are piling into HYPE ETFs faster than they did into BTC ETFs on a market-cap-adjusted basis," Chung stated.
Grayscale Accumulation and Upcoming ETF Filing
Blockchain analytics platform Lookonchain flagged aggressive HYPE accumulation tied to Grayscale-linked wallets over the past week. According to Lookonchain, wallets linked to Grayscale purchased approximately 115,700 HYPE worth around $7 million in the span of one hour on Thursday. Over the past week, the wallets have reportedly accumulated more than 682,000 HYPE, valued at $41.6 million.
Grayscale filed earlier this year for its own spot Hyperliquid ETF, positioning itself to offer additional institutional access to HYPE exposure.
Bitwise's Balance Sheet Acquisition Strategy
Bitwise announced on Monday that it plans to use 10% of the management fees generated from its BHYP ETF to acquire HYPE tokens for its own balance sheet, which it would also stake. This strategy aligns with Bitwise's broader commitment to the Hyperliquid ecosystem alongside its ETF offering.
