Hyperliquid Price Hits Record High Amid Market Crash; Here’s Why

The Hyperliquid price has exhibited an explosive rally, hitting a new all-time high, despite the broader crypto market crash. The latest findings reveal that the current rally is driven by strong whale activity and growing institutional interest.

The timing of the present HYPE crypto price gains special attention. This is because Hyperliquid emerged as a major gainer while many top players in the crypto market continue to trade in the red. Experts claim that this remarkable performance is due to growing optimism on the newly launched US spot ETFs and inflows. Also, major support and significant investment from influential figures have contributed to this Hyperliquid price surge.

Hyperliquid Price Surges: HYPE Hits New ATH

The Hyperliquid price is currently exhibiting a remarkable rally. The token has defied the broader crypto market crash, hitting a new all-time high. Top cryptocurrencies, including Bitcoin, Ether, and XRP, remain caught in the negative zone, whereas HYPE hit a new all-time high of $64.26 earlier today. As of press time, the HYPE price HYPE-1.28%is marked at $62.52, up 37% in a week and 50% in a month.

What is more noteworthy is its significant surge in market cap. Recently, Hyperliquid flipped the top memecoin, Dogecoin, in terms of market capitalization. With a market cap of $15.8 billion, HYPE secured the 9th spot on CoinMarketCap, pushing DOGE to the 10th position. This development comes after Hyperliquid flipped Solana in FDV race, as CryptoNewsZ reported.

Arthur Hayes and Traders Drive Fresh HYPE Whale Activity

It is worth noting that increasing whale activity has pushed the Hyperliquid price up. The latest attention is surrounding notable figures like Arthur Hayes and Garrett Jin, who have been actively trading the HYPE token. 

On-chain data shows that some large investors are actively purchasing the Hyperliquid crypto. For instance, prominent Garrett Jin continues to accumulate the HYPE token aggressively. Lookonchain took to X to reveal that Jin purchased around 145,050 HYPE tokens, worth about $9.05 million. He also placed a TWAP order to gradually acquire an additional 39,940 HYPE, worth $2.44 million.

According to Lookonchain data, a wallet linked to BitMEX co-founder Arthur Hayes has been actively trading HYPE over the past few days. The wallet deposited around 115,000 HYPE tokens to Bybit last day when the crypto traded around $54. Soon, the address withdrew over 85,000 HYPE at a significantly higher price of $62.69. This indicates that traders like Arthur Hayes expect further upside in the HYPE crypto.

As the whale activity continues to surge, experts are expecting a sustained HYPE price rally. But some whales are dumping their tokens at the same time. According to Lookonchain, a trader sold about 150,000 HYPE, worth $9 million. The investor also placed larger sell orders to make higher profits. 

Institutional Demand and Buybacks Support HYPE Crypto Rally

Notably, institutional investors have been showcasing more demand for Hyperliquid. This surge in institutional interest has also significantly influenced the current HYPE price surge alongside the whale movements. In an X post, market watcher Kyle Chasse noted that the recent launch of two spot ETFs in the US has significantly pushed the HYPE crypto price up.

Reportedly, asset managers 21Shares and Bitwise launched their HYPE ETFs, 21Shares Hyperliquid ETF (THYP) and Bitwise Hyperliquid ETF (BHYP). Notably, an impressive $25 million in inflows was recorded in a single trading session. With this remarkable influx, the Hyperliquid price saw a significant rally, hitting record highs. Bloomberg analyst James Seyffart noted,

“Hyperliquid ETFs continue their ascent upwards with volume and inflows. Total inflows across the two since launch is ~$53 million through yesterday. Will get flow numbers from today some time tonight.”

Besides the Hyperliquid ETF launch and institutional inflows, the HYPE token also benefited from its $1.16 billion daily token buyback program funded through protocol trading fees.