HYPE rallies 73% to $75 as SpaceX perpetuals fuel institutional inflows

Hyperliquid's HYPE token has surged 73% in the past month to a record $75.96, driven by $172 million in ETF inflows and a SpaceX perpetual contract that drew $1.4 billion in single-session volume.

HYPE rose 73% to $75.96 in the past month, hitting a record as three spot ETFs pulled in $172 million since their May debut.

"The market is beginning to price in protocol fundamentals," Jeff Mei, chief operating officer at BTSE, said. "The Assistance Fund burn creates supply pressure, and Coinbase's $5 billion USDC program injects sustained liquidity."

Bitwise's BHYP led with $106.6 million in cumulative net inflows, followed by 21Shares' THYP at $60 million and Grayscale's HYPG at $8.6 million, SoSoValue data shows. Cumulative trading volume across the three products approached $900 million. The inflows contrast with spot Bitcoin ETFs, which shed $64 million on June 15 alone and $5.6 billion since May.

The divergence reflects Hyperliquid's fee-generating architecture. The protocol routes 97% to 99% of trading fees into token buybacks through its Assistance Fund, while Coinbase's $5 billion USDC deployment on the platform earns 4% yield, with 90% redirected to the fund. Options markets imply a 10% to 15% chance HYPE reaches $100 by end of July, Derive data shows.

The SpaceX perpetual contract, listed as SPCX via Hyperliquid's permissionless HIP-3 framework, became the primary price-discovery venue before the June 12 IPO debut, with aggregate open interest above $215 million. The contract accounted for roughly 30% of all HIP-3 volume on its peak day, according to hl.eco data. HIP-3 markets hit roughly $3.2 billion in peak open interest in June, Grayscale noted in a research report.

About 434 million HYPE, or roughly 45% of the stakeable supply, is staked. The token's four-hour relative strength index has climbed to around 79, above the 70 level that typically signals overbought conditions, suggesting a short-term pullback may be due. The first downside target sits near the 20-period exponential moving average at $65.40, a roughly 10% decline from current levels.

That pullback could strengthen HYPE's bullish structure. The token is forming a potential inverse head-and-shoulders pattern on the four-hour chart, with a neckline near $74 to $75. A decisive close above that level would confirm the breakout and target the $100 to $105 area, up more than 35% from current prices.

Bitcoin dominance eased from 56.79% on June 10 to 56.06% by June 16, while the "Others" category — tracking every coin outside Bitcoin, Ether, and stablecoins — rose from 21.23% to 23.14%, suggesting capital is broadening into altcoins.

This article is for informational purposes only and does not constitute investment advice.