Key Takeaways:
Hyperliquid (HYPE) climbed to a new all-time high of $67.5 on May 29, pushing its market cap past $17 billion and briefly overtaking Dogecoin to become the ninth-largest cryptocurrency. The token has since pulled back to $64.5, ranking 10th on CoinMarketCap as of 14:00 UTC.
The rally was driven by sustained ETF inflows and a broader market tailwind from the U.S. Commodity Futures Trading Commission's approval of the first regulated Bitcoin perpetual futures contracts, according to data from CoinGecko and CoinMarketCap. HYPE has surged 70% since mid-May and tripled from its February low of $20.
Jake Chervinsky, CEO of Hyperliquid Policy Center, said the CFTC's move was a positive signal for the decentralized exchange rather than a competitive threat. "This was always an expected and necessary first step on the long road toward enabling DeFi perps in the USA," Chervinsky said. The approval applies to centralized exchange perps, not decentralized platforms, leaving Hyperliquid's core product unaffected.
ETF inflows across Bitwise and 21Shares products have topped $100 million since launch, with Bitwise committing 10% of management fees to token purchases. Grayscale Research published a report on May 28 calling Hyperliquid the standout success of modern crypto, citing $2.9 trillion in 2025 perpetuals volume and open interest above $7 billion. The token's parabolic rally was initially triggered by Coinbase's USDC integration earlier this month.
Hyperliquid's breakout success is built on crypto perpetual futures, the most dominant segment by volume and open interest across the entire crypto market. The platform has since expanded into commodities perps, pre-IPO trading, and prediction markets, positioning it as a challenger to centralized exchanges like Binance and Coinbase. On-chain data from DefiLlama shows Hyperliquid's total value locked remains elevated despite the price consolidation.
The $60 level now serves as key support. If bulls defend that threshold, the next upside targets are $70 and $80. A break below $60 could trigger a retest of $54, with further downside toward $40 if profit-taking accelerates. Whale selling has already pulled $2.5 million in profits during the rally, according to Arkham Intelligence data.
This article is for informational purposes only and does not constitute investment advice.
