- Bitwise’s BHYP launch pushed HYPE higher as institutional interest in Hyperliquid accelerated.
- Coinbase’s USDC partnership strengthened Hyperliquid’s ecosystem and boosted revenue expectations.
- Analysts warned HYPE could face profit-taking pressure despite strong ETF-driven momentum.
Hyperliquid’s HYPE token jumped this week after Bitwise launched its spot Hyperliquid ETF, BHYP, on the NYSE on May 15. The launch marked one of the first U.S.-listed spot investment products tied directly to HYPE. HYPE briefly climbed near $47 before trading around $43.75, according to CoinMarketCap data.
The move extended HYPE’s recovery from January lows near $22 as interest in decentralized perpetual trading platforms continued growing. In a post on X, Bitwise said BHYP offers direct exposure to spot HYPE and uses in-house staking instead of third-party providers. The company posted, “Introducing the Bitwise Hyperliquid ETF $BHYP—offering 100% direct exposure to spot HYPE.”
Institutional Activity Strengthens Hyperliquid Momentum
Bitwise tied the ETF launch to Hyperliquid’s growing role in onchain derivatives trading. The company said institutions increasingly used Hyperliquid during periods of geopolitical tension and traditional market closures. According to Bitwise, Hyperliquid now accounts for about 60% of global onchain perpetual DEX open interest.
Bloomberg ETF analyst James Seyffart also confirmed BHYP’s launch. He wrote, “Will be the second spot HYPE ETF on US exchanges after $THYP.” Grayscale and VanEck have also filed for Hyperliquid-related investment products, pointing to broader institutional interest in the sector.
On-chain activity also remained active around HYPE trading. Blockchain analytics platform Lookonchain reported that wallets linked to venture capital firm Andreessen Horowitz purchased nearly $67.5 million worth of HYPE tokens. However, the platform also tracked a whale opening a 10x short position worth about $7.62 million against HYPE.
Coinbase Partnership Expands Hyperliquid Ecosystem
HYPE also moved higher after Coinbase became the official treasury deployer of USDC on Hyperliquid. The agreement expands USDC’s role across Hyperliquid’s trading markets, where the stablecoin already accounts for nearly $5 billion in supply, according to DefiLlama data.
Analyst Aylo said the partnership could generate more than $140 million in annualized revenue for Hyperliquid. He wrote, “We should see an increase of ~$140M+ in annualised revenue, which will be used to buy back HYPE.”
However, some analysts warned that the rally could face short-term pressure. Analyst Ali Charts said the TD Sequential indicator flashed a sell signal after previously predicting HYPE’s rebound from $22 to $44. He warned that profit-taking could pull the token back toward $36 or even $33.
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