Hyperliquid price has surged today despite Bitcoin and other cryptos undergoing a bearish shift brought about by US-Iran war fears. The catalyst for the HYPE price surge is Bitwise’s announcement that it will use part of the management fee from its Bitwise Hyperliquid ETF to buy and hold HYPE on its balance sheet. At press time, the HYPE price was trading at $45.33, a 3% jump from the intra-day low.
Bitwise said it will allocate 10% of the management fee from the Bitwise Hyperliquid ETF, trading under the ticker BHYP, toward holding HYPE. The company said the decision reflects Hyperliquid’s token model, where a large share of protocol revenue is used to buy and burn HYPE.
The Bitwise Hyperliquid ETF began trading last week on the New York Stock Exchange. The product gives investors indirect exposure to HYPE and includes staking rewards, according to the fund structure described by Bitwise.
Bitwise Adds HYPE Treasury Plan After ETF Launch
Bitwise’s move adds a new treasury angle to the Hyperliquid market narrative. Instead of only collecting management fees from BHYP, the asset manager plans to direct a portion of those fees into HYPE holdings on its own balance sheet.
The announcement followed one of the stronger altcoin ETF launches this year. BHYP recorded about $4.31 million in first-day trading volume, while combined Hyperliquid ETF products from Bitwise and 21Shares have reported more than $12.64 million in net assets and over $5 million in net inflows.
21Shares’ Hyperliquid fund currently accounts for most of the reported assets, with about $11.64 million in assets under management. Still, Bitwise’s decision to hold HYPE directly has drawn attention because it links ETF fee revenue to token accumulation.
Bitwise also pointed to Hyperliquid’s protocol design. The company said about 99% of Hyperliquid blockchain revenue is used to buy and burn HYPE, creating a model in which token supply is directly affected by platform activity.
Institutional Activity Supports HYPE Demand
HYPE has also benefited from reports of large investor accumulation. On-chain data cited by Lookonchain showed a wallet linked to Andreessen Horowitz buying an additional 372,000 HYPE, worth about $16.91 million, bringing total accumulation since mid-April to roughly $90.87 million.
Hyperliquid’s market activity has continued to expand beyond crypto perpetuals. Its HIP-3 pre-market trading system has reportedly surpassed $120 billion in volume, with users trading perpetual contracts tied to expected listings such as SpaceX, OpenAI, and Anthropic.
The protocol has also reached a record $2.6 billion in open interest for real-world asset trading, according to market data shared by Hyperliquid watchers. That figure represents a 100% increase over two months.
Stablecoin infrastructure is another area drawing attention. Under the AQAv2 framework, USDC has become the primary aligned stablecoin through partnerships involving Circle and Coinbase. Each entity has reportedly staked 500,000 HYPE under the framework.
Market analysts estimate that if the USDC supply on HyperCore and HyperEVM reaches $5 billion with a 3.6% yield, 90% of the treasury yield directed to the assistance fund could add about $162 million in annual protocol revenue.
However, regulatory attention remains another factor for Hyperliquid. CME and ICE have reportedly urged U.S. regulators to examine the platform over concerns tied to decentralized derivatives markets. Despite this, Hyperliquid has responded that its public on-chain record improves transparency and can support surveillance by regulators.
HYPE Price Faces Key $46 Resistance
From a technical view, HYPE remains near a major resistance level at $46. Traders are watching whether the token can close above that zone on a higher timeframe.
A monthly close above $46 could open the door for a retest of HYPE’s previous all-time high. Until then, analysts describe the market as range-bound between $38 and $46.
Source: TradingView
If the HYPE price breaks above $46, a rally towards $50 may be on the way. Moreover, with the bulging Bollinger Bands, the bullish momentum may persist for the HYPE token to break out. However, if sellers defend the upper Bollinger band level at $47, the token may consolidate inside the current range before another attempt.
The Relative Strength Index (RSI) still points to more bullish ground since it's still below the overbought zone. In case of a bearish reversal, the support remains near $38, which has acted as the lower boundary of the recent trading range. A drop below that area would weaken the current structure and shift attention to lower support zones at $35.
