Hyperliquid's native token HYPE has climbed more than 20% in the past 24 hours on the back of a number of bullish developments. According to market data, HYPE rallied from $38.41 on May 14 to as high as $46.67 before stabilising around $44. Fresh demand arrived alongside the launch of new US-listed Hyperliquid investment products. Earlier on Thursday, Bitwise Asset Management announced the start of trading for its spot Hyperliquid ETF on the New York Stock Exchange under the ticker BHYP. The company stated that the product is among the first spot Hyperliquid exchange-traded products in the United States and the first to include in-house staking through Bitwise Onchain Solutions. In a statement released by the firm, Matt Hougan said Hyperliquid had become “one of the most compelling investment opportunities in crypto today,” while pointing to the network’s role during February’s geopolitical tensions, when Bloomberg reportedly cited Hyperliquid’s crude oil perpetual market for price discovery, while traditional markets remained closed. Bitwise also stated that Hyperliquid processed roughly $2.9 trillion in trading volume during 2025, more than 400% higher than the previous year. The company added that the platform currently accounts for nearly 60% of global on-chain derivatives open interest and can process approximately 200,000 orders per second. ETF inflows and Coinbase partnership add momentum At nearly the same time, trading activity surrounding 21Shares’ Hyperliquid ETF accelerated following Coinbase’s latest integration with the network. Speaking to crypto media, 21Shares Director of Capital Markets Michael Friedman said the ETF recorded its “best day yet” on Thursday, generating $8.1 million in trading volume and around $4.9 million in net inflows. Friedman said that Coinbase’s announcement may have contributed to stronger trading activity. Earlier this week, Coinbase confirmed it would become the treasury deployment partner for USDC on the Hyperliquid network under the platform’s Aligned Quote Asset framework. Additional figures from SoSoValue showed that the Bitwise and 21Shares Hyperliquid ETFs have collectively attracted nearly $8.2 million in net inflows since launch. Behind the ETF activity, on-chain accumulation by major crypto investors has also strengthened bullish sentiment around the token. According to on-chain data, wallets linked to venture capital firm Andreessen Horowitz (a16z) acquired nearly $67.5 million worth of HYPE in the weeks leading up to the ETF launches. Market participants interpreted the purchases as a sign of institutional confidence in Hyperliquid’s Layer 1 infrastructure and trading ecosystem. At the policy level, regulatory developments in Washington added another catalyst for crypto markets. The US Senate Banking Committee recently advanced the Digital Asset Market Clarity Act, a move that improved sentiment across digital assets as traders positioned for a more defined regulatory structure in the country. Alongside its derivatives exchange, Hyperliquid has continued expanding into lending, borrowing, spot trading, and Ethereum-compatible smart contract infrastructure through HyperEVM. Ongoing development tied to the network’s CoreWriter upgrade has also encouraged developers to build decentralised applications connected directly to Hyperliquid’s liquidity layer. HYPE price analysis According to the 4-hour HYPE/USDT price chart, Hyperliquid’s token has broken above its recent consolidation range after surging from around $38 to nearly $47 within a single trading session. HYPE/USDT 4-hour price chart. Source: TradingView. The rally pushed HYPE well above both the 9-period and 20-period exponential moving averages, with the shorter-term EMA crossing firmly above the longer-term EMA, a structure that typically signals strengthening bullish momentum. At the same time, trading volume expanded significantly during the breakout move, indicating that buyers actively supported the rally rather than the move being driven by thin liquidity. The latest candles, however, also show signs of volatility near the $46 to $47 region after sellers stepped in close to local highs. Momentum indicators suggest the uptrend remains intact, though traders may face short-term turbulence if buying pressure slows. The Relative Strength Index on the 4-hour timeframe recently climbed above the 70 level before cooling to around 56, showing that overheated conditions have eased slightly following the sharp run-up. A reset in RSI without a major price breakdown often indicates that bulls are attempting to establish support at higher levels rather than fully exiting positions. Meanwhile, the $43 area has started emerging as an important short-term support zone because both moving averages are now converging around that region. Holding above that level could allow HYPE to make another attempt toward the recent $46.67 high. If buyers regain control above that resistance band, traders may begin targeting the psychological $50 level next. On the downside, failure to defend the $43 to $42 range could expose HYPE to a deeper retracement toward the $40 region, where the previous breakout structure and rising EMAs may attract renewed demand. Beneath that, the chart shows a stronger liquidity pocket near $38 to $39, which previously acted as the launch point for the latest rally. Despite the recent pullback from local highs, the current chart structure still favors bullish continuation as long as HYPE remains above its short-term moving averages and volume stays elevated around breakout zones. The post Can Bitwise’s new ETF push HYPE price beyond $50? appeared first on Invezz
