Bitcoin is stuck below the $77,000 level while Ethereum (ETH) is struggling to overcome the $2,200 resistance mark. However, HYPE, the native coin of the Hyperliquid DEX, is rallying, outperforming the other coins in the top 10. HYPE is up by more than 4% in the last 24 hours and is now approaching the $50 psychological market. The technical outlook is extremely bullish as HYPE defies the current market conditions. Bitwise to add HYPE to its balance sheet HYPE is up by more than 4% in the past 24 hours and is now trading above $47 per coin. The positive performance comes after Bitwise Asset Management announced on Monday that it will add HYPE to its balance sheet. The firm stated that it will use a portion of the management fees generated from its recently launched BHYP Hyperliquid ETF to accumulate the blockchain's native HYPE token on its balance sheet. https://twitter.com/Bitwise/status/2056366819405877749 Bitwise said it is adopting Hyperliquid's community-forward model, where roughly 99% of the blockchain's revenue is used to buy back and burn HYPE tokens. In that spirit, we’re pleased to announce that Bitwise will be devoting 10% of the Bitwise Hyperliquid ETF ($BHYP) management fee to holding HYPE on the Bitwise balance sheet. Bitwise This latest development comes after Bitwise's Hyperliquid ETF, trading under the ticker BHYP, made its debut on the New York Stock Exchange on Friday. The fund gives investors indirect exposure to HYPE and staking rewards. Bitwise said it will stake the HYPE on its balance sheet. While other leading altcoins continue to underperform, HYPE is leading the market rally, alongside Zcash. HYPE is up 15% in the last seven days, fueled by growing retail demand. According to CoinGlass , HYPE’s futures Open Interest (OI) now reads $2.1 billion, higher than the $1.85 billion recorded on Monday. Furthermore, the OI-Weighted Funding Rate flipped positive on Monday and now reads 0.0018%. The positive funding rate suggests new capital entering the Hyperliquid ecosystem. Hyperliquid price outlook: Will HYPE set a new all-time high soon? The HYPE/USD 4-hour chart is bullish and efficient as Hyperliquid is only 19% away from its all-time high price of $59.39. HYPE hit the $49 mark on Monday but has slightly retraced and is now trading around $47 per coin. With the momentum indicators still bullish, HYPE could rally higher in the near term. The RSI of 66 shows that HYPE is bullish, with buyers firmly in control of the market. The MACD lines are also within the positive territory, adding further confluence to the bullish narrative. If the buyers remain in charge, they could retest the $49 swing high and rally towards the $50 psychological level once again. A daily candle close above $50 could pave the way for further rally towards the all-time high price of $59. However, if the buyers get exhausted, HYPE could encounter support at the Monday low of $44.18. Failure to defend this support level could see HYPE dip towards the 4-hour Transactional Liquidity (TLQ) at $40.27, last tested on Saturday. The post HYPE jumps after Bitwise adds Hyperliquid token to its balance sheet appeared first on Invezz
