Hyperliquid's HYPE token reached a record price of $89.67, extending a sustained rally fueled by exchange-traded fund buying and growing institutional participation. The token traded around $88.21 as of September 7, up approximately 4.8% over the previous 24 hours with trading volume near $629 million.
The move extends significant gains across multiple timeframes. HYPE has risen 7.7% over the past week, 60.7% in the past month, and 175.9% over six months.
ETF Accumulation Accelerates
Bitwise's Hyperliquid ETF, BHYP, has accumulated $166.3 million in holdings since its May launch, making it the largest HYPE ETF by assets. The fund added $10.5 million of HYPE on Friday, its largest single purchase since a $23.2 million buy on August 27.
Combined net inflows across three HYPE ETFs—21Shares' THYP, Bitwise's BHYP, and Grayscale's HYPG—reached $356.58 million through September 4, with total net assets of $480.87 million, according to available data.
Institutional Holdings Grow
Second-quarter 13F filings reveal expanding institutional participation in HYPE ETFs. Wealth High Governance reported the largest position with 632,614 shares of 21Shares' THYP worth approximately $23.95 million as of June 30. OLP Capital Management held $10.5 million, while UBS held $7.5 million and Bank of Montreal reported $6.7 million.
Jane Street ranked fifth among known holders with $4.4 million. Discovery Capital, Brevan Howard, Balyasny, and Boothbay also appeared among reported institutional holders. The top five institutions accounted for roughly $53 million, representing 70.8% of the $74.9 million in reported holdings.
Protocol Dynamics Support Demand
Beyond ETF activity, Hyperliquid's AQAv2 mechanism contributes to price support through a buyback structure. Analysis suggests the protocol could generate roughly $192 million in annual reserve-yield revenue from $6.21 billion of outstanding USDC, with 90% directed toward an assistance fund that translates to approximately $527,000 in daily buyback pressure at current price levels.
