TL;DR:
- Hyperliquid’s (HYPE) token rose 6.5% in the last 24 hours, reaching $47, its highest level since October 2025. It now trades around $43.
- Bitwise’s HYPE spot ETF (BHYP) debuted with a 0.34% fee, offering a one-month waiver for the first $500 million in assets.
- Coinbase will become the official USDC deployer on Hyperliquid, where the stablecoin’s supply has already reached $5 billion.
The HYPE token fromHyperliquid led market gains over the last 24 hours, which have now stabilized at around 6.5%, trading near $43 and briefly touching $47 at its peak, the highest level since October 2025. Meanwhile, Bitcoin remains below its 200-day moving average, despite the Clarity Act advancing toward a Senate vote. Several altcoins also rebounded
Hype for Hyperliquid
The strongest catalyst was the debut of Bitwise’s HYPE spot ETF, trading under the ticker BHYP, which offers direct exposure to the token using the asset manager’s own staking infrastructure. The fund charges a sponsorship fee of 0.34%, waived for one month for the first $500 million in assets. 21Shares recently launched a similar product, which recorded over $8 million in daily volume and $2.52 million in net inflows during its first two days, according to SoSoValue data.
According to the latest CoinMarketCap data, Bitcoin (BTC) is just below $79,000, having fallen 1.2% in the last few hours. Ethereum (ETH) dropped slightly more and is trading around $2,225. BNB shows no variation over the past day and hovers around $675. XRP fell only 0.4% and trades at $1.44 per token. Solana (SOL) and Dogecoin (DOGE) declined 2% and 2.5% respectively, trading at $89.4 and $0.1122.
The Bitwise ETF and Coinbase’s Role
On another front, Coinbase announced it will become the official treasury deployer of USDC on Hyperliquid under the Aligned Quote Asset framework. According to the company, USDC supply on the platform has already grown to approximately $5 billion. In addition, Native Markets agreed to grant Coinbase the right to acquire assets tied to USDH, Hyperliquid’s native stablecoin, as that stablecoin is gradually phased out and its users can redeem it in USDC or fiat currency with no fees.
Open interest in HYPE futuresgrew from 39.61 million to 42.56 million tokens, recording a positive cumulative volume delta and funding rates pointing to an orderly bullish positioning. On a broader market level, cumulative crypto futures volume rose 14% in 24 hours to $220 billion, while total liquidations fell 17% compared to the previous day, suggesting the market is active but with no visible signs of systemic stress.
Hyperliquid has consolidated its position as a key platform for trading assets linked to traditional markets, especially over weekends. Its pre-IPO asset CBRS, associated with Cerebras’s stock market debut, surpassed $280 million in 24-hour volume, becoming the ninth most traded asset on the exchange.