Bitwise bought another 162,367 HYPE worth about $10.11 million over two hours, adding to growing institutional activity around Hyperliquid’s native token as the decentralized exchange expands into prediction-style markets.
According to on-chain tracking data, the latest Bitwise-linked purchase followed a sharp rise in demand from HYPE exchange-traded fund clients. Bitwise’s official website showed the firm held 723,361 HYPE, valued at about $40.37 million, as of May 21, 2026.
The purchase came after Bitwise ETF clients reportedly bought $35.9 million worth of HYPE last week. That marked an 18-fold increase from the prior week, when flows into Bitwise’s HYPE-related ETF products began.
HYPE ETF Demand Continues to Rise
Bitwise’s BHYP launched on the New York Stock Exchange on May 15, 2026. The product is the first HYPE ETF natively staked by its provider, giving investors exposure to the token while also connecting the product to Hyperliquid’s staking activity.
The Bitwise product launched shortly after 21Shares introduced THYP on Nasdaq. Together, the 21Shares and Bitwise products have attracted tens of millions of dollars in early inflows since their mid-May debut.
Reports said spot HYPE ETFs recorded an eight-day inflow streak with no outflow days during the early trading period. Estimated cumulative net inflows have ranged between about $54 million and $75 million, including one reported single-day inflow of $25.5 million.
Bitwise has also said it plans to use 10% of BHYP’s management fees to hold and stake HYPE directly. That feature has added another source of attention to the ETF, as it connects fund revenue with direct token accumulation.
VanEck and Grayscale have also filed for HYPE-related ETF products, according to market reports. If approved, those products could expand the number of regulated channels available for investors seeking exposure to Hyperliquid.
Hyperliquid Adds Canonical Outcome Markets
Hyperliquid has also launched canonical outcome markets based on offchain events. These markets allow users to trade contracts tied to real-world outcomes rather than only crypto price movements.
The protocol said the markets are published through automated newsfeed software operated by validators as part of regular node operations. Validators vote on market deployment and settlement based on factors such as rule clarity, correctness, and market quality.
The model differs from prediction-market systems that rely on external oracle networks. Hyperliquid’s approach places market resolution inside its validator process, making validators responsible for determining whether an event has occurred and how contracts should settle.
The launch gives Hyperliquid a broader product set beyond decentralized perpetual futures. The platform can now support crypto derivatives, macro outcome markets, and event-based contracts inside one trading ecosystem.
HYPE Price Hits Record High Before Pullback Risk
HYPE price recently pushed above $62 and reached a new all-time high over the weekend. The token has more than doubled year-to-date, supported by ETF demand, protocol revenue activity, and wider interest in decentralized derivatives.
Hyperliquid’s Assistance Fund also remains an important part of the token’s market structure. The mechanism directs most platform trading fees toward open-market HYPE buybacks. Reports said buybacks have exceeded $1.16 billion since inception.
The protocol has become one of the largest decentralized derivatives venues, with total value locked above $5.5 billion and annualized fees reaching hundreds of millions of dollars. That activity has helped support the market view that HYPE is tied directly to exchange usage.
Source: X
Still, some analysts are watching for short-term weakness after the latest rally. Analyst Crypto Patel said HYPE was rejected near $64.84 and lost a rising channel, placing attention on the $61.50 to $63 area as a possible retest zone. The analyst listed downside areas near $54, $46.93, and $41.38 if selling pressure increases, while a higher-time-frame close above $65 would weaken that setup.
