Hyperliquid price soared 10.58% in 24 hours, reaching $45.99 and pushing its market cap to $11.7 billion on $379 million in daily trading. The rally followed the launch of two US spot HYPE ETFs, Bitwise’s BHYP and 21Shares’ THYP, which together drew $6.1 million in opening-day volume, marking the strongest altcoin ETF debut of 2026. THYP has seen net inflows every session since launch, closing May 15 with $3.1 million in new capital and $12.64 million in assets under management (AUM).
HYPE ETF Inflows and Buybacks Build a Double Bid
THYP’s first days showed steady capital inflows, $1.17 million net on May 12 with $1.80 million traded, then $1.36 million net on May 13 with $2.67 million traded, bringing total net inflows to $2.52 million, as per SosoValue.
Currently, the Hyperliquid ETF holds 0.12% of HYPE’s total market cap, and that share is growing. On-chain, Hyperliquid’s protocol also directs about 97% of trading fees into daily HYPE buybacks, creating a second source of ongoing demand.
Last week, Coinbase was named the official USDC treasury deployer for Hyperliquid, bringing more institutional credibility to the network, one factor likely supporting ETF approval. Meanwhile, CME and ICE are lobbying US regulators to have the CFTC oversee Hyperliquid, citing concerns about anonymous trading and potential market manipulation.
If mandatory KYC and surveillance rules are introduced, US trading volume could drop, cutting fee revenue and weakening the buyback mechanism. At the same time, Aster’s expanding market share is gradually eroding fee revenue, and ETF inflows aren’t enough to fully compensate.
Hyperliquid Price Prediction: $54 Target if Wave 3 Holds
When the Hyperliquid price dipped to a session low of $41.39 on late Saturday, buyers quickly stepped in, pushing it up to $45.54 on Sunday with no pullback. All eight moving averages are flashing buy signals, ranging from short-term EMAs and SMAs around $40 to longer-term averages near $34–$38. According to TradingView, there’s no disagreement among the indicators.
Analysts at More Crypto Online believe the recent low marks the end of wave (2), with the current rally kicking off a new wave (3) that targets the 123.6% Fibonacci extension around $54.26. The upper resistance band stretches from $56.54 to $60.51.
Invalidation is $38.20, as a sustained close below shifts the structure into active correction, with $39.75 and $36.71 as the next references.
Technical analyst Don Wedge also notes that Hyperliquid is now testing a long-term descending resistance line, the same level that has previously limited rallies.
Hyperliquid’s all-time high of $59.39 (from September 18, 2025) is 23% above current prices. Its all-time low of $3.20 from November 2024 is a distant memory. While ETF inflows support the case for Hyperliquid price reaching $54.26 in the next few days, the coin still needs to break through resistance at $48 and $50, levels it hasn’t tested yet.
READ MORE: Crypto Rally: Why Altcoins Like Humanity, Chiliz, Venice are Going Up
