HYPE Hits Record High as ETF Speculation and Buybacks Fuel Momentum

• HYPE reached all-time highs as institutional ETF demand accelerated rapidly.
• Hyperliquid buybacks exceeded $1.16 billion, creating strong and constant market demand.
• Growing platform activity strengthened bullish momentum across futures and prediction markets.

Hyperliquid — HYPE, continues attracting massive attention after reaching fresh all-time highs. The token recently surged to $64.48 before cooling slightly near the $60 level. Despite the small pullback, bullish momentum remains strong as traders continue watching institutional demand increase rapidly. Several major firms have now entered the growing race to launch HYPE investment products, adding another layer of excitement across the market. At the same time, Hyperliquid’s aggressive buyback model and expanding platform activity continue supporting demand. Many investors now believe HYPE could remain one of the strongest-performing crypto assets during the current cycle.

Institutional interest surrounding HYPE has expanded dramatically over recent weeks. Crypto-focused investment products connected to the token continue attracting significant capital as traders search for exposure beyond Bitcoin and Ethereum. Growing confidence around Hyperliquid’s ecosystem has also strengthened market sentiment, especially as more financial firms begin competing for market share within the HYPE ETF sector.

Bitwise recently launched the BHYP product on NYSE Arca, while 21Shares introduced THYP on Nasdaq. Those investment products generated strong inflows almost immediately after launch. Combined inflows reached $72.38 million during the previous week, compared to only $2.52 million the week before. That sharp increase reflects growing investor appetite for HYPE-related products and stronger institutional participation overall.

The competition intensified further after Grayscale officially joined the race. Bloomberg ETF analyst James Seyffart confirmed that Grayscale filed an amended registration for a HYPE trust under the proposed ticker GHYP. The filing names Anchorage Digital Bank as custodian and Bank of New York Mellon as administrator.

Hyperliquid’s buyback mechanism remains one of the strongest bullish drivers behind HYPE’s rally. The platform redirects between 97% and 99% of trading fees toward purchasing HYPE directly from the open market. That strategy creates steady buy pressure while reducing available circulating supply over time. During the previous week alone, the platform repurchased roughly 210,000 HYPE tokens.

The assistance fund currently holds 44.52 million tokens, while cumulative buybacks reached 26.81 million HYPE. Total repurchases have now exceeded $1.16 billion in value, reflecting the scale of the platform’s long-term commitment toward supporting token demand. Trading activity across Hyperliquid also continues reaching new records. According to CoinGlass, futures open interest recently climbed to $2.95 billion, marking a fresh all-time high.

Hyperliquid now controls nearly 70% of the on-chain perpetual futures market and approximately 7% of total perpetual open interest across all trading platforms. The platform’s expansion into prediction markets added another major growth catalyst recently. Hyperliquid’s new HIP-4 prediction market processed 6.05 million contracts during the first trading day alone.