After Bitwise's BHYP ETF launched on the New York Stock Exchange, the HYPE index surged, marking a significant shift in the market toward institutional and multi-asset adoption.
The surrounding momentum has grown rapidly since the launch of the Bitwise Hyperliquid ETF (BHYP), which listed on the New York Stock Exchange on May 15. This move effectively legitimized the project for traditional investors and reignited interest in the HYPE token.
Bitwise announced that it will allocate 10% of its fund management fees toward direct repurchases and staking of HYPE tokens, a move that is rare in the ETF industry. The market generally views this as a structural buyback mechanism that continuously generates buying pressure on HYPE tokens.
Just days later, competitor 21Shares launched its own highly liquid ETF in the United States, which successfully attracted over $5 million in inflows on its first trading day.
Super liquidity extends beyond the cryptocurrency domain
Bitwise’s Matt Hougan said that Hyperliquid can no longer be simply defined as a “cryptocurrency exchange,” much like how Amazon long ago ceased to be just an online bookstore.
Hyperliquid is not a cryptocurrency app, but a super app.
—— Matt Hougan (@Matt_Hougan)May 19, 2026
Its target is not the $3 trillion cryptocurrency economy, but the $600 trillion global assets market.
What investors think of its value is one thing; its actual value is another. https://t.co/DTdYf7FpGb
Latest data shows that nearly half of the platform's trading volume now comes from traditional assets, including the S&P 500 Index, gold, crude oil, and pre-IPO companies such as SpaceX.
During the recent geopolitical crisis in Iran, a significant signal of Hyperliquid's integration with traditional finance emerged: as traditional markets were closed, Bloomberg used原油 prices on the Hyperliquid platform as its primary real-time benchmark.
The platform further integrates prediction markets directly into its interface, allowing users to hedge against risks from macroeconomic and political events within a single ecosystem.
This evolution is transforming Hyperliquid into a multi-asset trading environment that competes not only with cryptocurrency exchanges but also with established traditional market infrastructure.
Aggressive business models attract investors
The main reason HYPE has risen 77% this year is its positive token buyback mechanism.
Unlike many traditional DeFi tokens with little to no direct economic value, Hyperliquid allocates 99% of all fees to a dedicated assistance fund used to automatically repurchase HYPE.
After validator voting, the assets in the fund will be permanently destroyed, creating a deflationary cycle for the token. The platform has a monthly trading volume of approximately $170 billion and annual revenues between $800 million and $1 billion, resulting in a valuation multiple for HYPE that is significantly lower than that of traditional brokers like Robinhood or CME Group.
Wall Street begins to take notice of the hype
After Bitwise's announcement, the HYPE token price rose 13% to 24% within 48 hours. Analysts note that the asset is becoming one of the most popular long positions in the cryptocurrency market.
Independent macro analysts now believe that Hyperliquid is one of the biggest beneficiaries of the convergence of blockchain infrastructure, prediction markets, and multi-asset trading.
Although the current situation is optimistic, Matt Hogan emphasized a still-existing major obstacle: the lack of direct access for U.S. retail investors. He believes the platform’s next phase of development will depend on the team’s ability to successfully integrate into the U.S. regulatory framework within the next 12 months.