Hyperliquid’s HYPE token hit a new all-time high near $70 on May 31, extending one of the strongest large-cap crypto rallies of the month.
Summary
- HYPE hit $69.97 for the first time as monthly gains topped 67% in latest data.
- ETF products drew $100.48 million in May inflows, adding institutional demand to Hyperliquid’s rally now.
- MACD remains bullish, but traders are watching $62.50 support after the sharp breakout move.
HYPE reaches record high near $70
HYPE reached $69.97 for the first time in its history before easing slightly toward the $67 to $68 range. The token remained up more than 67% over the past month, while its seven-day gain stayed above 8%.
The latest price data showed HYPE holding the number 11 market rank, with a market capitalization above $15 billion. Its fully diluted valuation stood above $65 billion, based on a maximum supply of 1 billion tokens.
The 24-hour trading range stayed between $66.35 and $69.94, showing that HYPE remained close to record levels even after a small pullback. The token’s all-time low was $3.81 on Nov. 29, 2024.
The move also drew attention after social media accounts said HYPE had briefly overtaken BNB in 24-hour volume. However, available price data showed HYPE volume near $1.1 billion, while BNB volume was still listed above $3.5 billion during the same check.
ETF inflows add demand to the rally
ETF demand remains one of the main themes behind HYPE’s move. According to SoSoValue data, the latest HYPE spot ETF data showed three straight positive weekly inflows in May.
Inflows began at $2.52 million on May 13, rose to $72.38 million by May 22, then slowed to $25.57 million by May 28. That left cumulative net inflows at $100.48 million by the end of the month.
Total net assets also rose from $3.17 million on May 13 to $122.20 million by May 28. Total value traded reached $383.77 million across the month, with the strongest activity coming during the week ending May 22.
As previously reported, HYPE-linked ETF products crossed $100 million in cumulative inflows within their first 10 trading sessions. The demand was led by products tied to Hyperliquid’s native HYPE token.
Bitwise has also tied part of its ETF model to token demand. Earlier reports noted that Bitwise plans to use 10% of BHYP management fees to buy and hold HYPE on its balance sheet.
Buybacks remain central to Hyperliquid’s market story
Hyperliquid’s token model has also helped drive attention. The platform uses a large share of trading fees to buy back HYPE, linking token demand to exchange activity.
As crypto.news reported, Hyperliquid’s protocol revenue was running near $1.3 billion in annualized fees by mid-2026. The same report said buybacks are funded by trading fees from real platform activity, not by new token issuance or external capital.
Crypto commentators also pointed to this model after HYPE’s record move. That Martini Guy said HYPE had reached a record high of about $70 and claimed the platform generates up to $1 billion in annual fees with a small team.
Ash Crypto made a similar point, saying HYPE had added about $11 billion in market cap in 2026. He also linked the rally to fee buybacks, ETF inflows and new attention around regulated perpetual futures.
Those claims reflect market commentary and should be treated as views from traders, not official guidance. The verified data still shows that HYPE has seen sharp price growth, strong ETF inflows and rising attention from regulated investment products.
Technical indicators still favor bulls
The chart remains bullish despite the small red candle after the record high. HYPE recently broke above the $40 to $45 consolidation area and pushed into the $67 to $70 range.
The moving averages support the uptrend. The 9-day moving average sits near $62.52, while the 21-day moving average is near $53.51. The shorter average remains well above the longer one, showing that short-term momentum remains stronger.
As long as HYPE holds above the 9-day moving average, the breakout structure remains intact. A pullback toward $62.50 would mark the first key support area. A deeper drop could bring the $53.50 zone into focus.
The MACD also remains positive. The MACD line stands at 6.112, above the signal line at 4.890, while the histogram sits at 1.222. This shows that upward momentum is still active.
However, the move has been steep. Traders may watch for weaker histogram bars as an early sign that momentum is cooling. A short consolidation would not break the trend by itself, but a daily close below $62.50 would weaken the setup.
The next upside area sits near $80. Earlier reports already framed $80 as a possible target if ETF inflows, buybacks and trading activity keep supporting the token.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
