Hyperliquid’s HYPE token is up 7% today, trading at $51, and 32% in the last week. According to analysts, the trading activity around newly launched HYPE spot exchange-traded funds has continued to grow, drawing fresh attention from market analysts and crypto investors. Bloomberg ETF analyst Eric Balchunas said the 21Shares Hyperliquid ETF , trading under the ticker THYP, has seen daily volume rise steadily since launch. He noted that turnover has reached the tens of millions and is now about eight times higher than on the first trading day. Source: X The ETF’s turnover rose from about $1.8 million on May 12 to more than $14 million on May 19, according to figures shared by Balchunas. The fund’s price also climbed from $23.49 on its first listed date to $28.28 by May 19, adding to market attention around HYPE-linked investment products. HYPE ETF Volume Shows Rising Market Demand The rise in ETF activity has been one of the main drivers behind renewed interest in the HYPE price. Balchunas said the steady volume growth was a positive sign of organic demand, as trading activity increased across several sessions rather than appearing in a single short burst. Data cited by crypto analyst Aletheia showed that HYPE spot ETFs recorded stronger market-cap-adjusted inflows than Bitcoin spot ETFs on three of their first six trading days. The same data showed HYPE ETFs also outpaced Ethereum spot ETFs on five of those six days. Solana spot ETFs remained ahead of Hyperliquid products on four of the six trading days on a market-cap-adjusted basis. However, HYPE spot ETFs recorded notably stronger inflows than peer products on the sixth trading day, according to the data cited by WuBlockchain. The inflows have also affected token demand. Over the same period, HYPE spot ETFs reportedly bought 2.5 times as much HYPE as the Assistance Fund purchased and burned. That suggests ETF demand is adding direct buying pressure in the market. Hyperliquid Fee Growth Draws Investor Focus Hyperliquid has also gained attention because of its revenue and fee activity. Frank Chaparro said the platform has become one of crypto’s largest fee generators, capturing about 43% of all chain fees, or nearly $11 million weekly. Source: X The platform’s main business remains perpetual futures trading, an area where onchain activity has produced large fee volumes. Hyperliquid has also been discussed as a competitor to centralized exchanges because it offers transparent onchain trading and settlement. Bitwise has also added to the discussion around HYPE. The asset manager recently said it plans to use a portion of management fees from its BHYP product to buy HYPE for its balance sheet. Bitwise said it would also stake those holdings. Bitwise Chief Investment Officer Matt Hougan recently described HYPE as a newer-generation crypto token with direct value capture. He said the market is still treating Hyperliquid as a fast-growing perpetual futures exchange, while Bitwise sees it as a platform that could cover several asset classes. HYPE Price Tests Key Resistance Levels HYPE has also shown strength on the daily price chart after rebounding from its early 2026 low near $20.97. According to crypto analyst Ali Charts, the token has formed higher lows and higher highs since March, showing stronger buyer activity after its earlier correction. The recent move above the $45.37 resistance area has become a key technical point. HYPE was recently trading near $51.41, placing it in the upper part of its range and closer to the next resistance near $58.61. Source: X If the HYPE price remains above $45.37, traders may continue to view the breakout as active. A daily close above $58.61 could support another move higher, while a pullback may test the breakout zone before any further advance. On the downside, $45.37 is the nearest support level. A move below that area could weaken the current setup and bring $35.01 back into focus. Deeper support levels sit near $27.16 and $20.97 if the broader trend turns lower.
