Original ｜Odaily Planet Daily（@OdailyChina）

Author｜Golem（@web3_golem）

“HYPE should at least surpass SOL before this bull market ends,” BitMEX co-founder, the most loyal “H Guardian” Arthur Hayes publicly expressed this expectation at the end of May. Previously, he had also repeatedly stated that HYPE would rise to 150 USD.

The reason Arthur Hayes is "supporting one while opposing another" is that Kyle Samani, former co-founder of Multicoin Capital and “S Guardian,” first attacked Hyperliquid in the community, leading to a heated exchange between the two, which ultimately concluded with a 100,000 USD bet that HYPE would outperform all tokens in the top ten by market cap for the remainder of the year (For more details on their feud, please read:Solana and Hyperliquid's most loyal guardians argued with each other).

In recent days, HYPE has been continuously rising, reaching a historical high of 75 USD, making some investors “afraid of heights,” and some even started to attempt shorting. In this article, Odaily Planet Daily will analyze the changes in the fundamentals of HYPE from the perspective of market buy and sell orders for the readers' reference.

The Strongest Altcoin ETF in History Debuts

Currently, there are two HYPE spot ETFs in the market. On May 12, 21Shares launched the first Hyperliquid ETF (THYP) on Nasdaq; on May 15, Bitwise launched the Hyperliquid ETF (BHYP) on the New York Stock Exchange.

HYPE Spot ETF has seen net inflows for 14 consecutive days

As of June 2, the HYPE spot ETF has achieved continuous net inflows for 14 days since its launch, with a cumulative net inflow exceeding 136 million USD, having absorbed about 0.9% of HYPE's total market cap, with Bitwise's BHYP net inflow reaching 82.96 million USD, making it the largest HYPE ETF in the world.

The performance of the HYPE spot ETF since its launch shows the extent of traditional capital's pursuit of Hyperliquid. Among the 12 US crypto spot ETFs, based on cumulative total net inflows, the HYPE spot ETF has become the fifth largest crypto spot ETF, excluding BTC, ETH, XRP, and SOL spot ETFs, significantly outperforming other earlier launched crypto spot ETFs.

Comparing the performance of BTC and ETH spot ETFs since May reveals the market's divergence trend, highlighting a reconfiguration of capital in crypto asset ETFs.

Since May 15, the BTC spot ETF has seen continuous net outflows for 12 days, with over 2.43 billion USD flowing out in May, breaking the record of 8 consecutive days of net outflows set in early 2025; the ETH spot ETF has seen continuous net outflows for 16 days since May 11, totaling over 540 million USD in May. Furthermore, on May 28, the BNB ETF (VBNB) launched by VanEck on Nasdaq has seen 4 consecutive days with no net inflows.

In this cycle, the institutional and traditional capital exposure demand for ETFs such as BTC and ETH has evidently cooled, while HYPE's attractiveness has gradually increased, with the level of FOMO even higher than the figures observed during the initial release of BTC and ETH spot ETFs.

In the two weeks since the launch of the HYPE spot ETF, it has absorbed nearly 1% of HYPE's market cap, which has outperformed the net inflow performance of BTC and ETH spot ETFs during their initial release by market cap ratio. According to SoSoValue data, the first two weeks of BTC spot ETF had a net inflow of 1.46 billion USD, absorbing only about 0.2% of BTC's market cap at that time; the first two weeks of the ETH spot ETF even saw a net outflow of about 400 million USD; while the first two weeks of the SOL spot ETF saw a net inflow of about 380 million USD, absorbing only approximately 0.47% of SOL's market cap at that time.

The continuous inflow into the HYPE spot ETF has provided solid support for HYPE's price.

Dual Support for HYPE Buying, Offsetting Unlocking Selling Pressure

In addition to the ETF, the protocol revenue of Hyperliquid is also an important support for HYPE's buying.

As early as early 2025, Hyperliquid introduced the Assistance Fund (AF) mechanism, which set 97% of the protocol transaction fees (perps + spot, etc.) to automatically enter the AF system address for continuous repurchase of HYPE, and later changed the fee ratio to 99%. This mechanism allows HYPE to effectively capture value from the Hyperliquid protocol while also becoming an important support for HYPE's price.

Hyperliquid's daily protocol revenue falls between 1 to 3 million USD, and since the implementation of the AF mechanism, it has cumulatively repurchased over 1.1 billion USD of HYPE. Although the cumulative net inflow of the HYPE spot ETF is less than the AF, its growth rate is fast, with the net inflow reaching 1/10 of the AF repurchase amount in just half a month, and on May 29, the highest net inflow in a single day reached 31.62 million USD.

Now, with the addition of the HYPE spot ETF, HYPE will receive dual support, thus offsetting the selling pressure caused by team token unlocks.

Starting from January 2026, it has been officially stipulated that team token unlocks will occur once a month, fixed on the 6th of each month. On June 6, there will also be a one-time unlock of tokens valued at 38.7 million USD, but it may not cause significant selling pressure in the market.

Another important characteristic of ETF buying is that the investors behind them may not fully understand the token economics and may not have directly operated DeFi protocols; they just want exposure to HYPE's risks. Therefore, ETF investors are also less sensitive to token unlocks; as long as the project's fundamentals do not change drastically, token unlocks will not suppress buying power.

Additionally, more HYPE spot ETFs will be launched in the future. On June 2, Grayscale submitted the S-1 amendment for the Hyperliquid Staking ETF, providing about 2 million HYPE as seed capital for investment. The Grayscale Hyperliquid Staking ETF (HYPG) will officially start trading on June 4.

HYPE will welcome deeper liquidity, stronger institutional participation, and a continuous influx of incremental buying.

Are Institutions FOMO-ing More than Retail Investors?

Institutions' FOMO towards HYPE is no less than that of retail investors; they are openly expressing positive sentiments towards HYPE while also pushing its price up with real capital.

a16z may have become the largest external holder of HYPE

Since August 2025, a16z has started accumulating HYPE in large amounts. According to crypto analyst Ai Yi @ai_9684xtpa's monitoring, a16z may have become the sixth largest on-chain entity holding HYPE and the largest external holding entity. The top 5 addresses on the HYPE chain all belong to Hyperliquid's own ecological projects (the fifth being the Kinetiq staking protocol), and the sixth address is a16z's, holding 3.095 million HYPE valued at over 223 million USD.

However, this is not a16z's only HYPE holding address; on-chain data shows that a16z is also continuously buying and accumulating HYPE through multiple associated addresses.

On May 28, crypto analyst Ai Yi @ai_9684xtpa monitored that an address starting with 0x4c6 associated with a16z extracted a total of 253,947.43 HYPE from several exchanges and market maker addresses, with an average extraction price of about 59.2 USD; on May 30, Lookonchain detected that an address starting with 0xb5E associated with a16z bought another 226,121 HYPE, and since April 14, this address has cumulatively purchased 3.9 million HYPE at an average price of about 49.4 USD.

Aside from a16z, Galaxy Digital is also accumulating HYPE. On June 3, according to Lookonchain's monitoring, Galaxy Digital extracted 179,000 HYPE from Coinbase, valued at about 12.62 million USD, and on May 21, another associated wallet also bought 158,100 HYPE, valued at about 8.8 million USD.

Institutions no longer see HYPE as just an ordinary altcoin. Bitwise Chief Investment Officer Matt Hougan stated that HYPE is not just an altcoin but a “second generation” cryptocurrency because it possesses actual value capture, repurchase mechanisms, and institutional demand.

At the same time, institutions have elevated Hyperliquid's positioning from Perp DEX to a blockchain financial infrastructure platform. In Grayscale's report, it is mentioned that Hyperliquid may even challenge traditional derivatives trading and exchange systems in the future and grow into a “financial services giant.”

HYPE's DAT company is included in the Russell 3000 Index

As the DAT concept in the US stock market cools and industry leader Strategy begins to sell coins, as HYPE's price continues to rise, the DAT company betting on HYPE continues to be in profit. (Related reading:DAT failure? Companies betting on HYPE have floating profits of 1.25 billion USD）

Among them, the most noteworthy is Hyperliquid Strategies (NASDAQ: PURR). According to official data, it currently holds 22.3 million HYPE, with a holding value of 1.617 billion USD. Hyperliquid Strategies disclosed in its financial report published in early May that as of Q1 2026, it had invested 10.5 million USD to repurchase about 3 million shares of stock, with an average cost of 3.42 USD per share.

On May 22, FTSE Russell announced the preliminary list for the Russell 3000 index reorganization set for June 2026, and PURR appeared on the supplementation list of the Russell 3000 index, which is expected to take effect on June 26.

PURR appears on the supplementation list of the Russell 3000 index

The Russell 3000 index is also one of the most widely used stock indices in the US stock market, covering around 3,000 of the largest publicly listed companies in the US, essentially encompassing the entire US stock market. It undergoes a large-scale adjustment once a year in June. Currently, a large number of index funds, pension funds, and ETFs track this index, with FTSE Russell disclosing that about 10.6 trillion USD in assets benchmark against the Russell US Index.

If PURR is indeed included in the Russell 3000 index, it will not only benefit from passive allocation by funds but will also further increase its visibility. To help investors gain more HYPE risk exposure, they may also follow Strategy's model of “financing to buy coins,” thereby becoming another solid buying support for HYPE.

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